Oklahoma § 36-5104 - Transactions to be authorized in writing - Required

§ 36-5104. Transactions to be authorized in writing - Required

provisions.

Transactions between an RB and the insurer the RB represents in

such capacity shall be entered into only pursuant to a written

authorization, specifying the responsibilities of each party. The

authorization shall, at a minimum, contain provisions that:

1. The insurer may terminate the authority of the RB at any

time;

2. The RB shall render accounts to the insurer accurately

detailing all material transactions, including information necessary

to support all commissions, charges and other fees received by, or

owing, to the RB, and remit all funds due to the insurer within

thirty (30) days of receipt;

3. All funds collected for the insurer's account shall be held

by the RB in a fiduciary capacity in a bank which is a qualified

U.S. financial institution;

4. The RB shall comply with Section 26 of this act;

5. The RB shall comply with the written standards established

by the insurer for the cession or retrocession of all risks; and

6. The RB shall disclose to the insurer any relationship with

any reinsurer to which business will be ceded or retroceded.

Added by Laws 1992, c. 178, § 25, eff. Sept. 1, 1992.