Bill
Bill > HB3048
OK HB3048
OK HB3048Insurance; Unauthorized Insurers and Surplus Lines Insurance Act; surplus lines insurer; brokers; producers; agents; repealer; effective date.
summary
Introduced
02/02/2026
02/02/2026
In Committee
04/16/2026
04/16/2026
Crossed Over
03/24/2026
03/24/2026
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
An Act relating to insurance; amending 36 O.S. 2021, Section 1100.1, which relates to definitions used in the Unauthorized Insurers and Surplus Lines Insurance Act; modifying definitions; defining terms; amending 36 O.S. 2021, Section 1101, which relates to representation of unauthorized insurers prohibition; expanding statute to include nonadmitted insurers selling nonadmitted insurance coverage; amending 36 O.S. 2021, Section 1101.1, which relates to domestic surplus line insurers; removing licensee; amending 36 O.S. 2021, Section 1103, which relates to service of process on a surplus lines insurer; establishing that nonadmitted insurers assuming insurance in this state are subject to this act; permitting suits against nonadmitted insurer; amending 36 O.S. 2021, Section 1106, which relates to surplus lines and brokers; permitting purchase of insurance from eligible surplus lines insurers; directing for surplus lines insurance to be procured through a licensed surplus lines broker in insured's home state; amending 36 O.S. 2021, Section 1107, as amended by Section 4, Chapter 195, O.S.L. 2024 (36 O.S. Supp. 2025, Section 1107), which relates to multistate risk, required application and informational filings, and fee payments; modifying statute to apply to only surplus lines brokers and not licensees; amending 36 O.S. 2021, Section 1108, which relates to recognized surplus lines; requiring surplus lines broker to provide insured the policy or other evidence of insurance within thirty days; providing required content of certificates and policies; allowing the Insurance Commissioner rulemaking authority; amending 36 O.S. 2021, Section 1109, which relates to validity of surplus line insurance and notice of limitations of coverage; requiring notice on declaration page of the policy; amending 36 O.S. 2021, Section 1111, which relates to acceptance of surplus line business by brokers; clarifying that only a surplus lines broker and not a licensee may accept and place surplus lines insurance; extending section to include producers and agents; amending 36 O.S. 2021, Section 1112, which relates to solvent insurer required, license revocation, and penalties; modifying language for clarity; amending 36 O.S. 2021, Section 1113, which relates to records of surplus lines licensees or brokers; removing applicability to licensees; modifying time frame for record keeping from three to five years after contract effective date; amending 36 O.S. 2021, Section 1114, as amended by Section 5, Chapter 195, O.S.L. 2024 (36 O.S. Supp. 2025, Section 1114), which relates to broker's annual statement; adding clarifying language; amending 36 O.S. 2021, Section 1115, which relates to tax on surplus lines; removing premium tax for premiums charged for independently procured insurance; amending 36 O.S. 2021, Section 1116, which relates to penalty for failure to remit tax; extending applicability of section to rules; requiring notice and opportunity for hearing; allowing additional applicable penalties; amending 36 O.S. 2021, Section 1118, which relates to legal process against surplus lines insurer; removing licensees; amending 36 O.S. 2021, Section 1120, which relates to records of insureds; clarifying section applies to producer or surplus line broker; repealing 36 O.S. 2021, Section 1106.2, which relates to exemption from due diligence search and flood insurance; and providing an effective date.
AI Summary
This bill modifies Oklahoma's laws concerning insurance, specifically focusing on unauthorized insurers and surplus lines insurance, which refers to insurance obtained from companies not licensed in the state but deemed eligible to provide coverage. Key changes include redefining terms like "eligible surplus lines insurer" and "independently procured insurance" to clarify that such insurance must be obtained from an eligible surplus lines insurer. The bill expands regulations to cover nonadmitted insurers (insurers not licensed in the state) that sell nonadmitted insurance coverage, making them subject to Oklahoma's laws. It clarifies that surplus lines insurance must be procured through a licensed surplus lines broker in the insured's home state, and it updates requirements for multistate risk filings and fee payments, now applying them only to surplus lines brokers. The bill also mandates that surplus lines brokers provide policy documents to insureds within thirty days of placement and specifies the required content of these documents. It grants the Insurance Commissioner rulemaking authority to implement these provisions and requires a clear notice on the policy's declaration page informing the insured that the insurer is nonadmitted and not protected by state guaranty funds. Furthermore, the bill clarifies that only licensed surplus lines brokers, and not general producers or agents, can accept and place surplus lines insurance, though these brokers can compensate producers and agents. It also updates record-keeping requirements for surplus lines brokers, extending the retention period from three to five years, and makes various technical amendments for clarity regarding penalties, tax collection, and legal processes against nonadmitted insurers. Finally, the bill repeals a section related to exemptions from due diligence searches and flood insurance and sets an effective date of November 1, 2026.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Placed on General Order (on 04/21/2026)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Loading...