Assigned Risks. A. Agreements may be made among insurers with respect to the equitable apportionment among them of costs for insurance which may be afforded applicants who are in good faith entitled to, but who are unable to procure, such insurance through ordinary methods, and such insurers may agree among themselves on the use of reasonable rate modifications for such insurance, such agreements and rate modifications to be subject to the approval of the Insurance Commissioner.
B. The Oklahoma Automobile Insurance Plan is authorized to issue policies of insurance in the name of the plan for the applicants described in subsection A of this section and to act on behalf of all participating members in connection with the policies. The policies shall be considered proof of financial responsibility in accordance with Section 7-600 of the Highway Safety Code.
C. The participating members shall be liable to the plan for all costs, expenses and liabilities in proportion to its share of voluntary market premium for the types of policies written under the plan in this state.
D. The plan shall file an annual audited financial statement with the Commissioner.
E. The Commissioner is authorized to establish rules and regulations required to implement the purposes of this section.
Added by Laws 1999, c. 83, § 16, eff. Nov. 1, 1999. Amended by Laws 2007, c. 125, § 5, eff. July 1, 2007; Laws 2021, c. 478, § 4, emerg. eff. May 12, 2021.