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This document serves as a bond for a surplus lines broker seeking a license from the Insurance Commissioner of the State of Oklahoma, detailing obligations and conditions associated with the bond.
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How to fill out oklahoma surplus lines insurance
How to fill out Oklahoma Surplus Lines Insurance Broker's Insurance Bond
01
Obtain the Oklahoma Surplus Lines Insurance Broker's Insurance Bond form from a trusted source.
02
Fill in the name of the principal, which is the insurance broker.
03
Provide the broker's business address and contact information.
04
Enter the bond amount, which is typically determined by state regulations.
05
Include the name of the surety company that will issue the bond.
06
Sign and date the bond form where required.
07
Have the bond notarized, if necessary.
08
Submit the completed bond form to the Oklahoma Department of Insurance.
09
Keep a copy of the submitted bond for your records.
Who needs Oklahoma Surplus Lines Insurance Broker's Insurance Bond?
01
Any individual or business that wishes to operate as a surplus lines insurance broker in the state of Oklahoma needs to obtain this bond.
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Who buys insurance bonds?
The principal: The party that purchases the bond as a guarantee that they'll finish the project or task set by the obligee. The obligee: The party that requires the principal to obtain a surety bond.
How is surplus line tax calculated?
The risk may be too big, too unusual or substandard. In these cases, a specially licensed producer called a surplus line producer gets involved. Their special surplus line license allows them to procure a policy for you from an insurer that is not licensed in your state. This is called a surplus line insurance policy.
What is the tax rate for surplus lines in Oklahoma?
The amount of tax due is 3% of the California taxable surplus line premiums transacted by the broker from January 1st to December 31st in the previous year.
How do surplus lines work?
As defined in California Insurance Code Section 1760.1 (n), a surplus line insurer is an insurer not licensed or admitted in California. Such a carrier is licensed in another state or jurisdiction, just not in the insured's home state.
What is the surplus line tax in Oklahoma?
Surplus lines tax: 6%, payable by broker, plus, 0.175% SLAS Clearinghouse transaction fee. Oklahoma does allow domestic surplus lines insurers in the state.
What are the bond requirements in Oklahoma?
The bond shall be in an amount no less than $50,000 for each license and shall be issued by a surety company qualified to do business in the State of Oklahoma as a surety.
What is the minimum surety bond that surplus lines brokers must post?
Bond Overview Purpose: To protect the state and consumers from fraudulent activity by an insurance broker. Who Needs It: Surplus lines insurance brokers in most states. Required Amount: $10,000–$50,000, varies by state. Regulating Body: The state bureau, office or department of insurance.
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What is Oklahoma Surplus Lines Insurance Broker's Insurance Bond?
The Oklahoma Surplus Lines Insurance Broker's Insurance Bond is a financial guarantee required for surplus lines brokers operating in Oklahoma, ensuring compliance with state laws and protecting consumers.
Who is required to file Oklahoma Surplus Lines Insurance Broker's Insurance Bond?
Surplus lines insurance brokers who are licensed to operate in Oklahoma are required to file the Oklahoma Surplus Lines Insurance Broker's Insurance Bond.
How to fill out Oklahoma Surplus Lines Insurance Broker's Insurance Bond?
To fill out the Oklahoma Surplus Lines Insurance Broker's Insurance Bond, brokers must provide their business details, licensing information, and the amount of the bond, while ensuring all required signatures and notarizations are completed.
What is the purpose of Oklahoma Surplus Lines Insurance Broker's Insurance Bond?
The purpose of the Oklahoma Surplus Lines Insurance Broker's Insurance Bond is to safeguard consumer interests by ensuring that brokers fulfill their obligations and comply with applicable insurance regulations.
What information must be reported on Oklahoma Surplus Lines Insurance Broker's Insurance Bond?
The Oklahoma Surplus Lines Insurance Broker's Insurance Bond must report information such as the broker's name, business address, bond amount, and details related to the surety company providing the bond.
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