Oklahoma § 36-1100.2 - Authority to enter multistate agreements

§ 36-1100.2. Authority to enter multistate agreements

A. For the purposes of carrying out the Nonadmitted and

Reinsurance Reform Act of 2010, the Insurance Commissioner is

authorized in the Insurance Commissioner's sole discretion and

judgment to enter into the Nonadmitted Insurance Multi-State

Agreement or any other multistate agreement or compact with the same

function and purpose, in order to:

1. Facilitate the collection, allocation and disbursement of

premium taxes attributable to the placement of nonadmitted insurance

through a central clearinghouse;

2. Provide for uniform methods of allocation and reporting

among nonadmitted insurance risk classifications through a central

clearinghouse; and

3. Share information among states relating to nonadmitted

insurance premium taxes.

B. The Insurance Commissioner is not compelled now or in the

future to join the Nonadmitted Insurance Multi-State Agreement or

any other multistate agreement or compact with the same function and

purpose of distributing surplus line premium tax proceeds based on a

formula of multistate risk allocation, unless the Insurance

Commissioner, in his or her discretion, deems joining such a

multistate compact or agreement is in the best interest of the State

of Oklahoma and its citizens.

Added by Laws 2011, c. 278, § 6. Amended by Laws 2011, c. 360, § 6;

Laws 2012, c. 45, § 3, emerg. eff. April 16, 2012.