A. No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating, or procuring liability insurance in this state from a risk retention group unless such person, firm, association or corporation is licensed as an insurance agent or a broker, pursuant to the Oklahoma Insurance Code.
B. 1. No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating, or procuring liability insurance coverage in this state for a purchasing group from an authorized insurer or a risk retention group unless such person, firm, association or corporation is licensed as an insurance agent a broker pursuant to the Oklahoma Insurance Code.
2. No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating, or procuring liability insurance coverage in this state from any member of a purchasing group under a policy of a purchasing group unless such person, firm, association or corporation is licensed as an insurance agent or a broker pursuant to the Oklahoma Insurance Code.
3. No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating or procuring liability insurance from an insurer not authorized to do business in this state on behalf of a purchasing group located in this state unless the person, firm, association or corporation is licensed as a surplus lines agent or excess line broker pursuant to the Oklahoma Insurance Code.
C. For purposes of acting as an agent or broker for a risk retention group or purchasing group pursuant to subsections A and B of this section, the requirement of residence in this state shall not apply.
D. Every person licensed as an agent or broker as required in this section, on business placed with risk retention groups or written through a purchasing group, shall inform each prospective insured of the provisions of the notice required by the Oklahoma Risk Retention Act.
Added by Laws 1987, c. 157, § 12, emerg. eff. June 25, 1987. Amended by Laws 2004, c. 334, § 7, emerg. eff. May 25, 2004; Laws 2021, c. 314, § 12, eff. Nov. 1, 2021.