OK HB2073

Creates the Unauthorized Insurers and Surplus Lines Insurance Act governing nonadmitted insurance and surplus lines insurance in Oklahoma, with requirements for licensing and financial standards.

Requires surplus lines insurance transactions to be conducted only through licensed surplus lines licensees or brokers, with nonadmitted insurers meeting specific capital and surplus requirements (minimum $15,000,000 or as adjusted).

Establishes procedures for surplus lines tax collection and reporting through a clearinghouse system aligned with the Nonadmitted Insurance Multi-State Agreement, with six percent (6%) tax rate on premiums.

Authorizes the Insurance Commissioner to enter into multistate agreements for allocation and disbursement of premium taxes, collection of nonadmitted insurance data, and uniform reporting methods.

Provides exemptions for exempt commercial purchasers meeting specified criteria, allowing placement of surplus lines insurance without prior due diligence search for authorized insurers.