Regulations: 15 OS 141.1 to 141.35 

Statutes 

Due Dates and Fees

Special Notes:

*A fee of 2% of the gross provider fee received on the sale of all service warranties issued in this state during the preceding calendar quarter is paid quarterly.

** Entities actively licensed with the OID since March 31, 2009, that have approved CLPs in place, may elect to pay an annual administrative fee of Three Thousand Dollars ($3,000.00) in lieu of the two-percent administrative fee.

*** Annual Fee to Investigate – An annual fee of Seven Hundred Fifty Dollars ($750.00) shall be paid to the Oklahoma Insurance Department to be expended by the Insurance Commissioner for the purposes of investigation of suspected insurance fraud and civil or administrative action in cases involving suspected insurance fraud.

Registration Application Requirements

Initial and/or renewal application

All applications and fees must be submitted electronically via the OPTins system.

• Complete the Initial/Renewal application to its entirety.
• Maintain an active registration with the Oklahoma Secretary of State
• Organization Chart
• Biographical Affidavits for all individuals listed on the Director/ Officer list
• If requested by the OID – A copy of the articles of incorporation of the applicant, certified by the public official having custody of the original, and a copy of the bylaws of the applicant, certified by the chief executive officer of the applicant
• A copy of the financial statement dated not earlier than three hundred sixty-five (365) days prior to the date submitted, which must be either:

1. Maintain a funded, unearned reserve account per 15 O.S. § 141.6 (A).
   • Upload a financial statement audited and prepared in accordance with statutory accounting principles; and
   • Upload a copy of the surety bond issued by an authorized surety having a value of not less than five percent (5%) of the gross provider fee received, less claims paid, on the sale of the service warranties for all service warranties issued and in force in this state, but in no event shall the bond be less than Twenty-five Thousand Dollars ($25,000.00).

2. Applicant utilizes an insurance policy that satisfies the requirements of 15 O.S. § 141.6 (B).
   • Upload a financial statement verified under oath of at least two of its principal officers and prepared in accordance with generally accepted accounting principles
   • Complete the Reinsurance form

Annual Statement

• Annual Statement due on or before May 1^st
  • Complete the Annual Statement form.
  • A copy of the financial statement dated not earlier than three hundred sixty-five (365) days prior to the date submitted, which must be either:

1. Maintain a funded, unearned reserve account per 15 O.S. § 141.6 (A).
   • Upload a financial statement audited and prepared in accordance with statutory accounting principles; and
   • Upload a copy of the surety bond issued by an authorized surety having a value of not less than five percent (5%) of the gross provider fee received, less claims paid, on the sale of the service warranties for all service warranties issued and in force in this state, but in no event shall the bond be less than Twenty-five Thousand Dollars ($25,000.00).
2. Applicant utilizes an insurance policy that satisfies the requirements of 15 O.S. § 141.6 (B).
   • Upload a financial statement verified under oath of at least two of its principal officers and prepared in accordance with generally accepted accounting principles
   • Complete the Reinsurance form

Contact change requests

Submit the Contact Change form to the most recent initial or renewal application in OPTins.  The application will be amended to attach the request.

Contact Change Violation – A service warranty association shall electronically submit, in the form and manner prescribed by the Oklahoma Insurance Department, any change of legal business name, “doing business as” or assumed name, address, or contact email address within thirty (30) days after the change occurred, and any fees deemed necessary by the Commissioner. Any submission of a change under this paragraph received more than thirty (30) days after the change occurs shall be accompanied by a fee of Fifty Dollars ($50.00). Violation fees are paid directly on the webpage: Pay RIS Violation Fee.

Service Warranty Forms

Contractual Liability Policy Checklist
Surety Bond Form
License Surrender Form
Address/Contact Change