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OK SB965
Bill
AI Summary
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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
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Modifies continuing education requirements by removing the mandate that education cover specific lines of insurance for which producers and adjusters are licensed
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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
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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
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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