Oklahoma § 36-6033 - Limitation on compensation, fees or commissions

§ 36-6033. Limitation on compensation, fees or commissions

It shall be unlawful for any person, firm, or corporation to pay

or to receive more than fifteen per cent (15%) of the price received

or paid for the equity security of any insurer as compensation for

services, fees or commissions related directly or indirectly to the

organization and promotion of the insurer and for the issuance or

sale of the equity security of the insurer. In addition to any

other penalty which may be applicable thereto, either under the

Insurance Code or otherwise, violation of this section shall

constitute a misdemeanor and shall be punishable as such where no

greater penalty is provided therefor. In addition thereto, any

person, firm or corporation that pays or receives in excess of the

Oklahoma Statutes - Title 36. Insurance

said fifteen per cent (15%) for such purposes shall be liable to the

insurer for an amount double such excess. Suit to recover such

excess may be instituted at law or in equity in any court of

competent jurisdiction by the insurer or by the owner of any equity

security of the insurer in the name and in behalf of the insurer if

the insurer shall fail or refuse to bring such suit within sixty

days after request or shall fail diligently to prosecute the same

thereafter. If no suit to recover such profit is so filed within

six months following the date such profit was realized or accrued or

if at any time such suit is not diligently prosecuted, the Insurance

Commissioner may file or prosecute such suit for and on behalf of

the insurer at the expense of the insurer.

Laws 1965, c. 341, § 3, emerg. eff. June 28, 1965.