Okla. Admin. Code § 310:663-17-4

Current through Vol. 42, No. 4, November 1, 2024

Section 310:663-17-4 - Errors and omissions policy

(a) Each continuum of care facility or assisted living center shall file evidence of an errors and omissions policy to protect residents financially from the continuum of care facility's or assisted living center's errors.

(b) The policy shall be no less than five hundred thousand dollars ($500,000) annual aggregate for all claims made during the policy period.

(c) The policy shall remain in force for at least one (1) year after licensure ends.

(d) Such policy shall be issued by an entity licensed or approved by the Oklahoma Insurance Commissioner to issue errors and omissions policies in Oklahoma.

(e) Such policy shall be continuous in form, or renewed annually. If renewed annually, evidence of renewal shall be provided to the Department each year. The continuum of care facility or assisted living center shall ensure that the Department is notified of:

(1) any lapse in coverage; or

(2) termination of coverage at least thirty (30) days before termination.

Okla. Admin. Code § 310:663-17-4

Added at 15 Ok Reg 2605, eff 6-25-98