Oklahoma § 36-6608 - Repealed by Laws 2012, c. 150, § 39, eff. Nov. 1, 2012

§ 36-6608. Repealed by Laws 2012, c. 150, § 39, eff. Nov. 1, 2012

NOTE: Prior to repeal, this section was amended by Laws 2012, c.

44, § 17 to read as follows:

A. An application for license as a service warranty association

shall be made to, and filed with, the Insurance Commissioner on printed

forms as prescribed and furnished by the Insurance Commissioner.

B. In addition to information relative to its qualifications as

required under Section 6605 of this title, the Commissioner may require

that the application show:

Oklahoma Statutes - Title 36. Insurance

1. The location of the home office of the applicant;

2. The name and residence address of each director or officer of

the applicant; and

3. Other pertinent information as may be required by the

Commissioner.

C. The Commissioner may require that the application, when filed,

be accompanied by:

1. A copy of the articles of incorporation of the applicant,

certified by the public official having custody of the original, and a

copy of the bylaws of the applicant, certified by the chief executive

officer of the applicant;

2. A copy of the most recent financial statement of the applicant,

verified under oath of at least two of its principal officers; and

3. A license fee as required pursuant to Section 6604 of this

title.

D. Upon completion of the application for license, the Commissioner

shall examine the application and make such further investigation of the

applicant as the Commissioner deems advisable. If the Commissioner finds

that the applicant is qualified, the Commissioner shall issue to the

applicant a license as a service warranty association. If the

Commissioner does not find the applicant to be qualified the Commissioner

shall refuse to issue the license and shall give the applicant written

notice of the refusal, setting forth the grounds of the refusal.

E. 1. Any entity that claims one or more of the exclusions from

the definition of service warranty provided in paragraph 14 of Section

6602 of this title shall file audited financial statements and other

information as requested by the Commissioner by May 1, 2010, and each

year thereafter, to document and verify that the contracts of the entity

are not included within the definition of service warranty.

2. Any entity that fails to meet the May 1 deadline or that begins

claiming an exclusion exemption provided by paragraph 14 of Section 6602

of this title after May 1 shall file audited financial statements and

other information as requested by the Commissioner prior to conducting or

continuing business in this state.

3. Any entity approved for an exclusion provided by paragraph 14 of

Section 6602 of this title may be required by the Commissioner to provide

subsequent audited financial statements and other information ascertained

by the Commissioner to be necessary to determine continued qualification

for an exclusion provided by paragraph 14 of Section 6602 of this title.

4. Other information as requested by the Commissioner may include,

but is not limited to, SEC filings, audited financial statements of

affiliates, and organizational data and organizational charts.