Oklahoma 2 Hour Legislative Updates

Insurance licensees operating in Oklahoma can satisfy their two-hour renewal requirement for legislative updates on insurance related practices. A number of  House and Senate Bills are discussed, including specific changes, additions and supplemental material on statutory and administrative code legislation. The course concentrates on those items listed in the Legislative Updates publication and lends particular attention to insurance legislation updates and changes.  

The material explores changes to licensing and renewals, bail bonds legislation, regulatory compliance and associated legislation, revised rules on electronic filings, the Pharmacy Choice Commission and its amendments, and the duties of the Insurance Commissioner in regulating pharmacy choice commissions. Filings and payments in electronic formats are discussed, and civil penalties and fines for violations are detailed. Requirements and procedures for certain foreign insurers to become domestic insurers are discussed, and automobile and motorcycle physical damage and liability changes are shown.  

The transfer of ownership of prepaid funeral benefits and how the Commissioner can set rules for these processes are covered. The importance of data security and protecting insurance and financial data is explored in-depth, including the Insurance Data Security Act, its definitions, cybersecurity events, investigations, notification criteria and associated procedures are detailed.  

Confidential and privileged documents, materials and other information rules are entertained, including the Commissioner's ability to make rules. How officers, directors, employees and agents may be indemnified for Directors and Officers liability coverage is explained. The course continues with a discussion of the Bail Bondsman Omnibus Bill, which adds clarifying language to unlicensed individuals acting as a bail bondsman, hearings and records, surrenders of defendants, and forfeiture procedures under the bill.  

Prepaid vision plans, excessive, inadequate or unfairly discriminatory acts are thoroughly discussed, including important definitions and concepts. Unfair discrimination practices are reviewed, including excessive or inadequate rates. Surplus lines licensee changes are discussed, multi-state risk issues and broker’s annual statements are listed, licensing procedures and associated violations are explored, as is the transfer of or assuming blocks of insurance business. DIvidends to stockholders are considered, and children’s immunization requirements are discussed.  

The Strengthen Oklahoma Homes Act, the establishment of the department, and program terms are detailed. The final section of the course is related to permanent rule additions and changes in the state. Included in this section are updated procedures for electronic processes, timelines and processes for submitting required reports, new workers’ compensation concerns, automobile and motorcycle market surveys, and removing unnecessary language regarding Pharmacy Benefit Managers.  

Images and in-course questions are utilized throughout the materials to enhance learning. One brief final exam must be successfully passed in order to receive certification for the continuing education hours.  

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