Oklahoma Governor Brad Henry has signed a bill to protect military personnel, strengthen industry ethics standards, streamline government processes and bolster the state insurance department’s anti-fraud division.
The law, the Oklahoma Insurance Department Omnibus Bill, HB 2905, guarantees that any Oklahoma resident called to active duty will be able to reinstate their previous health and property and casualty insurance upon their without penalties. The bill also creates an “Affidavit of Exempt Status” to assist independent contractors establishing self-employment status for worker’s compensation insurance.
Finally, the bill allows the Insurance Department to hire 2 additional law-enforcement officers to serve in its anti-fraud division.
In collaboration with the insurance industry, the law also calls for new requirements for insurance agents to prohibit the commingling of consumer premium payments with an agent’s personal or business accounts. It also set strict rules on how payments must be remitted to insurance companies upon receipt by agents.