Oklahoma § 15-141.14 - Annual financial statement filing - Fines

§ 15-141.14. Annual financial statement filing - Fines

A. In addition to the license fees provided in the Service

Warranty Act for service warranty associations each service warranty

association and insurer shall annually, on or before the first day

of May, file with the Insurance Commissioner its annual financial

statement as of a date not earlier than three hundred sixty-five

(365) days prior to the date submitted showing all gross written

provider fees or assessments received by it in connection with the

issuance of service warranties in this state during the preceding

calendar year and other relevant financial information as deemed

necessary by the Commissioner. The financial statements required by

this subsection must be:

1. Audited and prepared in accordance with statutory accounting

principles if the applicant complies with the requirements of

subsection A of Section 141.6 of this title; or

2. Verified under oath of at least two of its principal

officers and prepared in accordance with generally accepted

Oklahoma Statutes - Title 15. Contracts

accounting principles if the applicant utilizes an insurance policy

which satisfies the requirements of subsection B of Section 141.6 of

this title.

B. The Commissioner may levy a fine of up to One Hundred

Dollars ($100.00) a day for each day an association neglects to file

its financial statement in the form and within the time provided by

the Service Warranty Act.

C. In addition to the annual financial statements required to

be filed by subsection A of this section, the Commissioner may

require of licensees, under oath and in the form prescribed by the

Commissioner, quarterly statements or special reports which the

Commissioner deems necessary for the proper supervision of licensees

under the Service Warranty Act.

D. Provider fees and assessments received by associations and

insurers for service warranties shall not be subject to the premium

tax provided in Section 624 of Title 36 of the Oklahoma Statutes,

but shall be subject to an administrative fee of equal to two

percent (2%) of the gross provider fee received on the sale of all

service warranties issued in this state during the preceding

calendar quarter. The fees shall be paid quarterly to the Insurance

Commissioner. However, licensed associations, licensed insurers and

entities with applications for licensure as a service warranty

association pending with the Insurance Department that have

contractual liability insurance in place as of March 31, 2009, from

an insurer which satisfies the requirements of subsections B and C

of Section 141.6 of this title and which covers one hundred percent

(100%) of the claims exposure of the association or insurer on all

contracts written may elect to pay an annual administrative fee of

Three Thousand Dollars ($3,000.00) in lieu of the two-percent

administrative fee.

Added by Laws 2012, c. 150, § 14, eff. Nov. 1, 2012. Amended by

Laws 2017, c. 10, § 6, eff. Nov. 1, 2017; Laws 2018, c. 234, § 5,

eff. Nov. 1, 2018; Laws 2024, c. 225, § 8, eff. Nov. 1, 2024.