OK SB1873

Amends 36 O.S. Section 1106 to modify requirements for procuring insurance through surplus lines insurers when coverage cannot be obtained from admitted insurers in the market available to insurance producers.

Increases minimum capital and surplus requirement for surplus lines insurers to the greater of either state-required minimums for nonadmitted insurers or Fifteen Million Dollars ($15,000,000.00).

Lowers the minimum acceptable capital and surplus floor from which the Insurance Commissioner may grant exceptions to Four Million Five Hundred Thousand Dollars ($4,500,000.00).

Amends 36 O.S. Section 1109 to authorize the Insurance Commissioner to promulgate rules establishing additional disclosure requirements for surplus line coverage to protect consumers.

Declares the measure an emergency, effective upon passage and approval.