OK HB3048

Amends Oklahoma's Unauthorized Insurers and Surplus Lines Insurance Act to replace references to "surplus lines licensee" with "surplus lines broker" throughout the statute, clarifying that only licensed surplus lines brokers may accept and place surplus lines insurance

Requires surplus lines brokers to deliver insurance policies or certificates to insureds within 30 days of placing coverage, with policies containing complete records of all insuring agreements, conditions, exclusions, and endorsements

Extends record-keeping requirements for surplus lines brokers from 3 years to 5 years after contract termination, with records subject to examination by the Insurance Commissioner

Mandates a specific disclosure notice in 14-point, bold, all-capital letters on policy declaration pages warning consumers that nonadmitted insurers do not participate in state insurance guaranty funds

Repeals the exemption from due diligence search requirements for flood insurance (Section 1106.2) and establishes an effective date of November 1, 2026