Okla. Admin. Code § 365:25-5-34

Current through Vol. 41, No. 19, June 17, 2024

Section 365:25-5-34 - Professional and multicounty agent bondsman deposits

(a) A bondsman making an initial deposit required by 59 O.S. §§ 1306 or 1306.1 shall deliver the deposit to the office of the Insurance Commissioner in Oklahoma City, Oklahoma. The bondsman shall appear in person at the office of the Insurance Commissioner to execute an assignment or pledge of the deposit as instructed by 59 O.S. § 1306.

(b) A bondsman making an additional deposit required by 59 O.S. §§ 1306 or 1306.1 or replacing any portion of a deposit, may mail an executed assignment or pledge of the deposit to the Insurance Commissioner via certified mail. The additional or replaced deposit amount will not be added or included in the professional or multicounty agent bail bondsman's deposit total until the additional or replaced deposit amount is received, processed, and accepted by the Oklahoma Insurance Department staff.

(c) The phrase "required level," as described by 59 O.S. § 1332(D)(4)(b), shall be the bondsman's amount on deposit prior to a forfeiture payment. A bondsman shall make a deposit equal to the amount withdrawn by the Commissioner following the Commissioner's withdrawal of professional or multicounty agent securities to pay a bond forfeiture. The deposit shall be made within ten (10) days from receipt of the withdrawal notice or mailing of the notice if no receipt is made. The bondsman shall follow the provisions of paragraph (a) of this section for the deposit.

Okla. Admin. Code § 365:25-5-34

Added at 10 Ok Reg 1483, eff 5-1-93; Amended at 14 Ok Reg 2307, eff 7-1-97; Amended at 19 Ok Reg 1325, eff 7-14-02; Amended at 25 Ok Reg 1660, eff 7-14-08; Amended at 29 Ok Reg 1294, eff 7-14-12

Amended by Oklahoma Register, Volume 33, Issue 24, September 1, 2016, eff. 9/15/2016