Oklahoma § 15-141.4 - Licensure – Exemptions

§ 15-141.4. Licensure – Exemptions

A. No person in this state shall act as a service warranty

association unless licensed by the Insurance Commissioner.

B. A service warranty association shall pay to the Insurance

Department a license fee of Four Hundred Dollars ($400.00) for such

license for each year, or part thereof, the license is in force.

Each service warranty association applying for a license shall

electronically submit a complete license application and pay the

license fee to the Insurance Commissioner in the manner and form

prescribed by the Commissioner, along with any transaction or other

applicable fees. Each application shall include a signed

declaration that under penalty of refusal, suspension, or revocation

of the license, the information provided in the application is true,

correct, and complete to the best of the applicant’s knowledge and

belief.

C. An insurer, while authorized to transact property or

casualty insurance in this state, may also transact a service

warranty business without additional qualifications or licensure as

required by the Service Warranty Act, but shall be otherwise subject

to the provisions of the Service Warranty Act.

D. A service warranty association may appoint an administrator

or other designee to be responsible for any or all of the

administration of service warranties and compliance with the Service

Warranty Act.

E. The marketing, sale, offering for sale, issuance, making,

proposing to make and administration of service warranties by

associations and related service warranty sellers, administrators,

and other persons shall be exempt from all provisions of the

Oklahoma Insurance Code.

F. An agreement which provides specified scheduled maintenance

services over a stated period of time does not constitute insurance

or a service warranty.

Added by Laws 2012, c. 150, § 4, eff. Nov. 1, 2012. Amended by Laws

2017, c. 10, § 2, eff. Nov. 1, 2017; Laws 2024, c. 225, § 4, eff.

Nov. 1, 2024.