Licensing Requirements: Surplus lines brokers are required to be licensed under Oklahoma law. Okla. Rev. Stat. tit. 36, § 1106. To be licensed as a resident surplus lines broker, residents
Does the state impose a fiduciary obligation on producers with respect to the handling of client funds (e.g. funds, monies, premiums and return premiums)? Yes. With regard to only property
May producers both charge a fee and collect a commission in connection with transactions and services provided to a particular client? Licensed insurance producers may charge fees in addition to
All fees must be fully disclosed to clients. Specifically, consulting fees may be charged only pursuant to a written agreement on a form approved by the commissioner stating the fee
What entities are covered? “An individual or entity that owns or licenses computerized data that includes personal information.” § 163(A). “‘[E]ntity’ includes corporations, business trusts, estates, partnerships, limited partnerships, limited
