Term
| As head of the Oklahoma Insurance Department, the Insurance Commissioner has the authority to: |
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Definition
| make rules and regulations to help carry out the provisions of the Oklahoma Insurance Code. |
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Term
| The Insurance Commissioner is charged with the duty of administration and enforcement of the provisions of the Code, except: |
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Definition
| those duties specifically assigned to the State Board for Property and Casualty Rates. |
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Term
| In order to be eligible for appointment as Commissioner, a person must: |
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Definition
| be at least 25 years old; be a resident of Oklahoma for at least five years; and have at least five years' experience in the insurance industry in administration, sales, servicing, or regulation. |
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Term
| The Commissioner cannot have any financial interest in an insurer, agency or insurance transaction except: |
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Definition
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Term
| Jurisdiction over complaints against anyone engaged in the insurance business in Oklahoma is a power and duty of: |
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Definition
| the insurance commissioner |
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Term
| Authority to conduct hearings is a power and duty of: |
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Definition
| the insurance commissioner |
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Term
| Responsibility to maintain all required books and records is a power and duty of: |
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Definition
| the insurance commissioner |
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Term
| Responsibility to maintain a complete record of proceedings, including a concise statement of the conditions of such insurers and other entities reported and examined by the Insurance Department and its examiners is a power and duty of: |
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Definition
| the insurance commissioner |
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Term
| Responsibility to provide and annual report to the governor concerning the affairs of the Commissioner's office (including the financial status of insurance companies and the total claims paid in Oklahoma is a power and duty of: |
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Definition
| the insurance commissioner |
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Term
| Responsibility to adopt reasonable rules and regulations for the implementation and administration of the Insurance Code is a power and duty of: |
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Definition
| the insurance commissioner |
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Term
| Whenever necessary, the Commissioner can examine: |
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Definition
| an insurer's financial condition and dealings with policy owners |
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Term
| All domestic insurers must be examined: |
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Definition
| at least once every three years |
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Term
| Every foreign insurer licensed in Oklahoma must be examined at least once every five years or the Commissioner may accept: |
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Definition
| examinations of foreign insurers conducted by other state's insurance department. |
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Term
| The Commissioner also examines companies when requested by: |
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Definition
| at least one person who has a financial interest in an insurer. |
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Term
| Analyses of financial statements are used by the Commissioner when: |
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Definition
| determining when to examine a company. |
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Term
| Changes in management or ownership are used by the Commissioner when: |
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Definition
| determining when to examine a company. |
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Term
| Actuarial opinions are used by the Commissioner when: |
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Definition
| determining when to examine a company. |
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Term
| Reports of independent certified financial examiners or public accountants are used by the Commissioner when: |
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Definition
| determining when to examine a company. |
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Term
| Other criteria described in the Examiners' Handbook adopted by the National Association of Insurance Commissioners when: |
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Definition
| determining when to examine a company. |
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Term
| If after a hearing or waiver of the right to a hearing, the Commissioner determines that ta person has engaged in an unfair method of compensation or unfair or deceptive act of practice, the Commissioner must: |
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Definition
| reduce these findings to writing and issue a cease and desist order. |
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Term
| Until the expiration of the time allowed for the person subject to the order to file a petition for review if no such petition is timely filed,: |
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Definition
| the Commissioner may at anytime modify or set aside in whole or in part a cease and desist order. |
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Term
| Until the transcript of the record in the proceeding is filed in the court if a petition for review is timely filed,: |
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Definition
| the Commissioner may at anytime modify or set aside in whole or in part a cease and desist order. |
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Term
| Any person who violates a cease and desist order must pay a civil penalty of: |
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Definition
| not less than $100, and no more than $1,000 for each violation. |
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Term
| The commissioner may issue a cease and desist order whenever: |
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Definition
| the commissioner believes that any person or insurer has engaged in or will engage in any unfair method of competition or deceptive act. |
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Term
| The Commissioner may institute a civil suit to restrain the person from continuing the violation whenever: |
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Definition
| the commissioner believes that any person or insurer has engaged in or will engage in any unfair method of competition or deceptive act. |
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Term
| The Commissioner may institute a civil suit to recover a civil penalty whenever: |
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Definition
| the commissioner believes that any person or insurer has engaged in or will engage in any unfair method of competition or deceptive act. |
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Term
| The Commissioner may exercise any combination of the remedies whenever: |
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Definition
| the commissioner believes that any person or insurer has engaged in or will engage in any unfair method of competition or deceptive act. |
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Term
| If the Insurance Commissioner believes that a person or insurer has engaged in or might engage in an unfair method of compensation or an unfair or deceptive act,: |
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Definition
| the commissioner may set a hearing and serve notice of the hearing to the interested parties. |
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Term
| Unless the parties, with the Commissioner's prior written approval, mutually agree to other arrangements,: |
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Definition
| hearings must be held not earlier than the fifth day or later than the 30th day after the date of service of the notice. |
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Term
| Process may be served by: |
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Definition
| registered mail, return receipt mail, or to the person's last known address. |
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Term
| After a hearing, the Commissioner may issue an order against the person or insurer charged with a violation requiring that: |
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Definition
| the person or insurer immediately cease and desist from the violation |
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Term
| A person or entity that violates any of the provisions in the notice of hearings, is subject to: |
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Definition
| a civil penalty of not more than $10,000 for each act and each day of violation. |
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Term
| It is illegal for anyone whose insurance license has been revoked, suspended, or surrendered to act as or perform any of the duties of: |
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Definition
| an insurance producer, limited lines producer, managing general agent, insurance consultant, surplus lines insurance broker, or customer service representative. |
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Term
| Any person convicted of violating this regulation is guilty of a felony and will be fined: |
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Definition
| not more than $5,000, jailed from one to five years, or both. |
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Term
| It is unlawful for any licensed person to assist, aid, or conspire with a person whose license has been suspended, revoked or surrendered. Any person convicted of violating this regulation is guilty of: |
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Definition
| a felony and will be fined not more than $5,000, jailed from one to five years, or both. |
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Term
| Except for those persons exempt from licensure,it is against the law from any unlicensed person t do or perform any of the acts o a licensed person. Any person convicted of violating this regulation is guilty of: |
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Definition
| a misdemeanor and will be fined not more than $500, jailed from six months t one year, or both. |
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Term
| All insurers authorized to do business in Oklahoma must file with: |
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Definition
| NAIC annual statements exhibiting their financial condition in the previous year. |
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Term
| Annual statements must be filed electronically as approved by NAIC, along with applicable fees. Domestic insurers must also file a: |
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Definition
| printed annual statement with the office of the Insurance Commissioner. |
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Term
| Both the NAIC filing and the OIC filing must be completed by: |
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Definition
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Term
| Foreign insurers must file an Affidavit of Filing and Financial Statement Attestation: |
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Definition
| annually, on or before the first day of March. The Insurance Commissioner may require foreign insurers to file the annual financial statement in a printed format. |
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Term
| The Insurance Commissioner may grant an exception for: |
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Definition
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