Oklahoma § 15-141.5 - Requirements for licensure

§ 15-141.5. Requirements for licensure

The Insurance Commissioner shall not issue or renew a license to

any service warranty association unless the association:

1. Is a solvent association;

Oklahoma Statutes - Title 15. Contracts

2. Furnishes the Insurance Department with satisfactory

evidence that the management of the association is competent and

trustworthy and can successfully manage the affairs of the

association in compliance with law;

3. Proposes to use and uses in its business a name together

with a trademark or emblem, if any, which is distinctive and not so

similar to the name or trademark of any other person already doing

business in this state as will tend to mislead or confuse the

public;

4. Files the bond required by the Service Warranty Act;

5. Is formed under the laws of this state or another state,

district, territory, or possession of the United States, if the

association is other than a natural person; and

6. Has submitted all annual financial statements and

administrative fees required by the Service Warranty Act.

Added by Laws 2012, c. 150, § 5, eff. Nov. 1, 2012. Amended by Laws

2024, c. 225, § 5, eff. Nov. 1, 2024.