Okla. Admin. Code § 365:25-23-6

Current through Vol. 42, No. 7, December 16, 2024

Section 365:25-23-6 - Surety bond

(a) A permit holder posting a surety bond in lieu of making remittances to a trust fund, shall file a quarterly report no later than the thirtieth day after the close of each quarter. The bond shall be in an amount not less than the minimum funding requirement for cemetery merchandise trusts pursuant to the provisions of 36 O.S. § 7126. If at any time the Quarterly Report shows that the bond posted does not meet the minimum funding requirements, the permit holder shall be notified by the Insurance Department and shall post an additional or amended bond within ten (10) days following notification. The additional or amended bond shall be sufficient in size to satisfy the provisions of 36 O.S. §§ 7126 and 7127.

(b) A bond posted in connection with Cemetery Merchandise Trust Act shall be filed in the form and manner prescribed by the Insurance Commissioner. Any variance from this form must have the prior written approval of the Insurance Commissioner. An insurer shall provide thirty (30) day's written notice to the Insurance Commissioner prior to cancelling any bond required by the Cemetery Merchandise Trust Act.

Added at 28 Ok Reg 214, eff 10-19-10 (emergency); Added at 28 Ok Reg 1964, eff 7-14-11

Amended by Oklahoma Register, Volume 39, Issue 24, September 1, 2022, eff. 9/11/2022