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BILL #

CHAPTER #

ISSUE

BILL DESCRIPTION

HB 1313

246

Corporate governance - jurisdictional authority

Puts mutual fire insurance associations under regulatory control of the Insurance Department. Effective: Nov. 1, 2006.

HB 2375

Producer licensure - agent practices

Redefines "not procurable" so a producer or broker need only show insurance is not procurable from accessible and applicable insurers. Effective: Nov. 1, 2006.

HB 2513

Bail Bonds

Increases the deposit requirements for bondsman from $20,000 to $50,000 and increases their net worth requirements from $50,000 to $150,000. Effective: Nov. 1, 2006.

HB 2905

264

Omnibus insurance law changes

Changes made are necessary due to removal of all regulatory responsibilities of the State Board for Property and Casualty Rates. Effective: May 26, 2006.

HB 2909

265

Captives

Requires captive resident registered agents and asset managers be licenses as a third party administrator or managing general agent and principal place of business be in Oklahoma. Effective: July 1, 2006.

HB 2934

98

Producer licensure -- miscellaneous

Defines "clearing corporation" and further defines "custodian" to include broker-dealer. Effective: July 1, 2006.

HB 3009

269

Title insurance

Requires attorney examination of a certified abstract extension or supplemental abstract from the effective date of the prior owner's policy of title insurance to the effective date of the abstract plant. Effective: Nov. 1, 2006.

HB 3085

Motor vehicle insurance - enforcement issues

Requires insurers in Internet sales to include entire VIN# and identify insurer and winning bidder on website. Effective: Nov. 1, 2006.

HB 3115

322

Motor vehicle insurance - auto cancellation

Repeals insurer requirement to send notice of certain cancellations to Department of Public Safety and replaces that program with enabling legislation for real-time verification program. Changes look-back period for reckless driving from three to five years. Allows seizure of license and tag for drivers whose driving privileges were suspended due to violation of the compulsory insurance law. Makes trafficking of security verification forms a felony and possession of such a misdemeanor. Effective: July 1, 2006.

SB 1095

Unfair practices

Classifies a certain act as an unfair or deceptive practice in the business of insurance for companies to use a financial institution's name in notification or solicitation. Effective: Nov. 1, 2006.

SB 1521

158

Motor vehicle insurance - towing issues

Allows wreckers to collect lawful fees from responsible party. Effective: May 15, 2006.

SB 1663

233

Corporate governance -- investments

Requires insurers to make available information that is reasonably requested and is reasonably available to the State Treasurer's office related to certain funds held or owing. Effective: Nov. 1, 2006.

SB 1701

Tort reform -- bonds

Requires certain bonds from rebuilders applying for a certificate and modifies fees paid by manufactured home builders. Effective: Nov. 1, 2006.

SB 1748

283

Identity theft - security freeze

Creates the Identity Theft Protection Act and allows credit freezes. Contains insurer exemption. Effective: Jan. 1, 2007.

SB 1749

111

Tort reform - construction defects

Creates the Homeowner's Construction Protection Act. Allows purchaser 90 days to make a written complaint of defects against a contractor with a required response period. Effective: Nov. 1, 2006.