Commercial special risks.

1. Law
2. Oklahoma Statutes
3. Insurance
4. Commercial special risks.

Commercial Special Risks.

A. The following categories of commercial lines risks, excluding employer's liability line, workers’ compensation and excess workers’ compensation, are special risks and are exempted from the filing and review requirements set forth in Section 987 of this title:

1. Risks which are written on an excess or umbrella basis;

2. Commercial lines insurance risks which produce a minimum annual premium total of Ten Thousand Dollars ($10,000.00); and

3. Specifically designated special risks, including:

• a.risks insured under the provisions of the Highly Protected Risks Rating Plan,
• b.all commercial insurance aviation risks,
• c.all credit insurance risks,
• d.all boiler, machinery or equipment breakdown risks,
• e.all inland marine risks,
• f.all fidelity and surety risks, and
• g.any other risk that the Commissioner determines to fall within the special risk category.

B. Underwriting files, premiums, loss and expense statistics, financial and other records with regard to special risks written by an insurer shall be maintained by the insurer and shall be subject to examination by the Commissioner.

Added by Laws 1999, c. 83, § 17, eff. Nov. 1, 1999. Amended by Laws 2006, c. 264, § 26, eff. July 1, 2006; Laws 2010, c. 222, § 9, eff. Nov. 1, 2010.

Download our app to see the most-to-date content.