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OK SB965

Bill

Status

Passed

5/16/2011

Primary Sponsor

Bill Brown

Click for details

Origin

Senate

2011 Regular Session

AI Summary

  • Eliminates the requirement for resident provisional insurance producer licenses and removes the 180-day deadline for applicants to pass licensing examinations, while reducing the license reinstatement period from 24 months to 12 months after expiration

  • Modifies continuing education requirements by removing the mandate that education cover specific lines of insurance for which producers and adjusters are licensed

  • Consolidates insurance adjuster license classes from six categories (including separate motor vehicle and fire/allied lines) down to four broader categories: Property, Casualty, Workers' Compensation, Crime/Fidelity, Crop/Hail, and Multi-peril Crop

  • Changes bail bondsman licenses from annual to biennial expiration tied to the bondsman's birth month, doubles continuing education requirements from 8 to 16 hours per renewal period, and increases renewal fees from $100 to $200

  • Requires bail bondsman applications and monthly reports to be submitted electronically rather than by mail, and creates new felony penalties (up to $5,000 fine) for persons with revoked/suspended licenses who perform bondsman acts or for licensed bondsmen who assist them

Legislative Description

Insurance; modifying entities regulated by the Insurance Department; modifying examination and continuing education requirements for the Producer Licensing Act and the Insurance Adjuster Licensing Act.

Insurance

Last Action

Approved by Governor 05/16/2011

5/16/2011

Committee Referrals

Insurance3/16/2011
Retirement and Insurance2/14/2011

Full Bill Text

No bill text available