Okla. Admin. Code § 810:25-11-3

Current through Vol. 42, No. 8, January 2, 2025

Section 810:25-11-3 - Approval of new members of the association

(a) A new membership may not become effective without Permitting Services Division approval. All applications for membership, in a form approved by the Permitting Services Division, shall be filed with the Commission. New member applicants must be reported to the Permitting Services Division and NCCI no later than thirty (30) days after the effective date of each new member applicant. The date the application is received by the Commission will be the received date for purposes of this deadline.

(b) The application for membership shall include the following:

(1) An indemnity agreement and power of attorney executed by the applicant, as required by 810:25-11-15;

(2) A joint and several liability agreement executed by the applicant, as required by 810:25-11-15;

(3) Signed approval of the applicant by the association;

(4) A balance sheet and income statement, or if a new business, a pro forma financial statement signed by two (2) executive officers of the business entity, for the new applicant's current fiscal year; and

(5) The estimated standard and discounted premium the applicant will pay during the period between the application effective date and the association's renewal.

(c) The application will be reviewed by the Commission's Permitting Services Division. If the Permitting Services Division determines the application is sufficient, the Permitting Services Division will approve the application with the effective date as applied for. The application may be approved if the Permitting Services Division has satisfactory proof of a common interest with other members of the association, as defined in 810:25-1-2.

Okla. Admin. Code § 810:25-11-3

Adopted by Oklahoma Register, Volume 32, Issue 23, August 17, 2015, eff. 8/27/2015

Amended by Oklahoma Register, Volume 33, Issue 24, September 1, 2016, eff. 9/12/2016

Amended by Oklahoma Register, Volume 35, Issue 24, September 4, 2018, eff. 9/14/2018