ENGROSSED SENATE BILL 1618 - Summary

• Affidavit of Exempt Status: Updates requirements for workers' compensation exemption affidavits under the Workers' Compensation Act with new penalties for false information.

• Insurance Producer Licensing: Modifies examination requirements, including establishing a 2-year window to apply for a license after passing the exam and eliminating the 30-day retake restriction.

• Managing General Agents: Updates statutory references to align with the Oklahoma Producer Licensing Act and clarifies language regarding agent/broker licensing requirements.

• Investment Clarifications: Specifies acceptable investments including general obligation bonds (excluding revenue/prerefunded bonds) and establishes that certificates of deposit and time deposits are negotiable and transferrable.

• Homeowner Insurance: Prohibits insurers from canceling or increasing premiums on homeowner or personal residential insurance solely due to first claims filed after 45 days of coverage; eliminates certain notice requirements.

• Insurance Adjusters: Requires exam passage within 2 years prior to application, eliminates workers' compensation continuing education requirement, and mandates reporting of criminal prosecutions and administrative actions to the Insurance Commissioner.

• External Review Organizations: Allows the Insurance Commissioner to accept equivalent accreditation standards from nationally recognized entities for independent review organizations conducting health insurance external reviews.

• Service Warranty Insurance: Changes annual reporting requirement from one-time (May 1, 2010) to ongoing annual filings for entities claiming exclusions from the service warranty definition.