Oklahoma § 36-1435.7 - Applications for resident and business entity insurance

§ 36-1435.7. Applications for resident and business entity insurance

producer licenses - Requirements for approval.

A. A person applying for a resident insurance producer license

shall make application to the Insurance Commissioner on the Uniform

Application or an application approved by the Commissioner and

declare under penalty of refusal, suspension or revocation of the

license that the statements made in the application are true,

correct and complete to the best of the individual's knowledge and

belief. Before approving the application, the Insurance

Commissioner shall find that the individual:

1. Is at least eighteen (18) years of age;

2. Has not committed any act that is a ground for denial,

suspension or revocation set forth in Section 1435.13 of this title;

3. Has paid the fees set forth in Section 1435.23 of this

title; and

4. Has successfully passed the examinations for the lines of

authority for which the person has applied.

B. A business entity acting as an insurance producer is

required to obtain an insurance producer license. Application shall

be made using the Uniform Business Entity Application or an

Oklahoma Statutes - Title 36. Insurance

application approved by the Commissioner. Before approving the

application, the Insurance Commissioner shall find that:

1. The business entity has paid the fees set forth in Section

1435.23 of this title;

2. The business entity has designated a licensed producer

responsible for the business entity's compliance with the insurance

laws, rules and regulations of this state;

3. A domestic business entity is organized pursuant to the

provisions of the laws of this state and maintains its principal

place of business in this state; and

4. No person whose license as an insurance producer has been

revoked by order of the Commissioner, nor any business entity in

which such person has a majority ownership interest, whether direct

or indirect, owns any interest in the business entity licensed as an

insurance producer.

C. An applicant for any license required by the provisions of

the Oklahoma Producer Licensing Act shall demonstrate to the

Insurance Commissioner that the applicant is competent, trustworthy,

financially responsible, and of good personal and business

reputation.

D. The Insurance Commissioner may require any documents

reasonably necessary to verify the information contained in an

application.

Added by Laws 2001, c. 156, § 7, eff. Nov. 1, 2001. Amended by

2002, c. 307, § 14, eff. Nov. 1, 2002; Laws 2003, c. 150, § 3, eff.

Nov. 1, 2003; Laws 2007, c. 125, § 10, eff. July 1, 2007; Laws 2007,

c. 338, § 3, eff. July 1, 2007; Laws 2008, c. 184, § 10, eff. July

1, 2008; Laws 2009, c. 176, § 25, eff. Nov. 1, 2009; Laws 2011, c.

242, § 3 and Laws 2011, c. 293, § 3, eff. June 20, 2011.

NOTE: Laws 2011, c. 242, § 3 and Laws 2011, c. 293, § 3 made

identical changes to this section.

§36-1435.7A. Repealed by Laws 2011, c. 242, § 18 and by Laws 2011,

c. 293, § 18, eff. June 20, 2011.