Oklahoma § 36-1452 - Annual report - Penalties for failure to file - Waiver

§ 36-1452. Annual report - Penalties for failure to file - Waiver

A. On or before June 1 of each year, all licensed

administrators shall file an annual report for the previous calendar

year. Any report filed by an administrator with accumulated yearto-date premiums collected or claims paid of Fifty Thousand Dollars

($50,000.00) or more, whichever is greater, shall have been reviewed

by a certified public accountant who shall be independent of the

administrator. The report shall be subscribed and sworn to by the

president and attested to by the secretary or other proper officers

substantiating that the information contained in the report is true

and factual concerning each of the plans they administer which are

governed pursuant to the provisions of the Third-party Administrator

Act. The report shall include the name and address of each fund and

a statement of fund equity, paid claims by the covered unit, the

accumulated year-to-date paid claims, and the year-to-date reserve

status. Failure of any third-party administrator to execute and

file the annual reports as required by this section shall constitute

cause, after notice and opportunity for hearing, for censure,

suspension, or revocation of administrator licensure to transact

business in this state, or a civil penalty of not less than One

Hundred Dollars ($100.00) or more than One Thousand Dollars

($1,000.00) for each occurrence, or both censure, suspension, or

revocation and civil penalty.

B. If a licensed administrator has had no business or activity

in the past calendar year, has not administered any insurance plans

or business in the past calendar year and no funds are under the

licensed administrator's oversight and administration, then the

licensed administrator shall submit an application for waiver of the

annual report described in subsection A of this section on a form

prescribed by the Commissioner. Upon applying for a waiver, the

administrator shall state under oath that the administrator has had

no business, has not administered any funds and the licensee's

administration of premiums and claims has been dormant for the past

calendar year. The application must be submitted no later than

April 1st on the form prescribed by the Commissioner.

Added by Laws 1983, c. 89, § 12, eff. Nov. 1, 1983. Amended by Laws

1994, c. 129, § 6, eff. Sept. 1, 1994; Laws 1997, c. 418, § 84, eff.

Nov. 1, 1997; Laws 2002, c. 307, § 22, eff. Nov. 1, 2002; Laws 2007,

c. 125, § 16, eff. July 1, 2007; Laws 2010, c. 222, § 25, eff. Nov.

1, 2010; Laws 2013, c. 269, § 2, eff. Nov. 1, 2013; Laws 2014, c.

145, § 2, eff. Nov. 1, 2014; Laws 2016, c. 73, § 3, eff. Nov. 1,

2016.