Oklahoma § 36-2205 - Trust instrument – Mandatory provisions

§ 36-2205. Trust instrument – Mandatory provisions

In addition to the requirements of Section 60 of this act, the

trust instrument shall provide:

1. That there shall be a minimum period during which any

insured must participate in the trust;

2. That all insureds shall execute a participation agreement;

3. That the trustee shall be an individual or an institution

such as a bank, insurance company or other appropriate entity;

4. A preliminary assessment of all insureds for initial

expenses necessary to commence operation;

5. For establishment of necessary facilities;

6. Details of the management of the trust;

7. Procedures for assessment of all insureds to defray losses

and expenses;

8. Description of commission arrangements;

9. Description of reasonable and objective underwriting

standards;

10. Procedures for and description of acceptance and cession of

reinsurance;

11. Procedures for and descriptions of appointment of servicing

carriers or other servicing arrangements; and

12. Procedures for determining amounts of insurance to be

provided by the trust.

Added by Laws 2004, c. 368, § 62, eff. July 1, 2004.