Oklahoma § 36-1241 - Property and casualty insurer - Acceptance or denial of
Full text of Oklahoma Oklahoma Statutes § 36-1241 — Property and casualty insurer - Acceptance or denial of, with citation guidance and answers to common questions.
§ 36-1241. Property and casualty insurer - Acceptance or denial of
application.
A property and casualty insurer shall, within forty-five (45)
business days of taking an application, determine whether or not the
applicant should be accepted or denied as an insured and shall give
written notice to the agent of the acceptance or denial. If the
applicant is denied as an insured, any premium monies paid, less any
Oklahoma Statutes - Title 36. Insurance
expenses incurred either by the agent or the insurer, shall be
immediately returned to the proposed purchaser of the policy.
Failure of the insurer to return premium monies to the applicant
within forty-five (45) business days of the initial submission to
the insurer, broker, or agent, shall result in the applicant
recovering any interest and bank charges which the proposed insured
has incurred because of the delay in return of the initial premium,
less expenses incurred. In addition, if the insurer does not return
the premium monies, less expenses, within the forty-five-day period,
the insurer shall remain liable for the insurance coverage and any
claims pursuant thereto which the remaining premium monies would
have purchased.
Added by Laws 1986, c. 251, § 23, eff. Nov. 1, 1986. Amended by
Laws 1987, c. 175, § 9, eff. Nov. 1, 1987; Laws 2000, c. 353, § 8,
eff. Nov. 1, 2000; Laws 2001, c. 363, § 12, eff. July 1, 2001.
Source: official Oklahoma text · Last verified 2026-08-27
Frequently Asked Questions About Oklahoma § 36-1241
What does Oklahoma Statutes § 36-1241 cover?
Section 36-1241 ("Property and casualty insurer - Acceptance or denial of") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 36-1241?
A common citation format is "Oklahoma Statutes § 36-1241" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 36-1241 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.