OK SB487

Modifies Section 1102 to make insurance contracts voidable only at the instance of the insured (rather than the insurer).

Adds Section 1115(J) exempting flood insurance policies from surplus lines premium tax when Oklahoma is the home state and coverage is for properties located in Oklahoma.

Creates new Section 1106.2 exempting surplus lines licensees and brokers from due diligence search requirements when procuring flood insurance with nonadmitted insurers.

Establishes framework for Insurance Commissioner to participate in the Nonadmitted Insurance Multi-State Agreement with discretion to set uniform statewide tax rates and allocate premiums across states.

Exempts surplus lines policies sold to federally recognized Indian tribes from premium tax when coverage is for risks wholly owned by a tribe and located within Indian Country.