Oklahoma § 36-1445 - Fiduciary capacity and duties of administrator

§ 36-1445. Fiduciary capacity and duties of administrator

A. All insurance charges or premiums collected by an

administrator for an insurer or trust and all return premiums

received from the insurer or trust shall be held by the

administrator in a fiduciary capacity. These funds shall be

immediately remitted to the person entitled to the funds or shall be

deposited promptly in a fiduciary bank account established and

maintained by the administrator.

B. If charges or premiums deposited in a fiduciary account have

been collected for more than one insurer or trust, the administrator

Oklahoma Statutes - Title 36. Insurance

shall keep records showing the deposits to and withdrawals from the

account for each insurer or trust. The administrator, upon request

of an insurer or trust, shall furnish copies of the records

pertaining to deposits to and withdrawals from the account for that

insurer or trust.

C. The administrator shall not pay any claim by withdrawals

from a fiduciary account unless provisions for said withdrawals are

included in the written agreement between the insurer or trust and

the administrator. The written agreement shall authorize

withdrawals by the administrator from the fiduciary account only

for:

1. Remittance to an insurer or trust entitled to a remittance;

or

2. Deposit in an account maintained in the name of an insurer

or trust; or

3. Transfer to and deposit in an account established for

payment of claims, as provided for by subsection D of this section;

or

4. Payment to a group policyholder for remittance to the

insurer or trust entitled to such remittance; or

5. Payment of commission, fees, or charges to the

administrator; or

6. Remittance of return premiums to the person entitled to such

return premiums.

D. All claims paid by the administrator from funds collected on

behalf of the insurer or trust shall be paid on drafts, checks or

electronic payment authorized by the insurer or trust.

Added by Laws 1983, c. 89, § 5, eff. Nov. 1, 1983. Amended by Laws

2021, c. 478, § 11, emerg. eff. May 12, 2021.