Okla. Admin. Code § 810:25-11-6

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

Section 810:25-11-6 - Excess insurance

(a) A group self-insurance association must obtain specific and aggregate excess insurance from an admitted or surplus lines insurer with an AM Best Rating of B+ or better. The self insured retention must be approved by the Commission and the excess carrier's limits of liability must be statutory. An amount less than statutory limits must be approved in advance by the Commission. The attachment point of the aggregate excess insurance should not exceed one hundred percent (100%) of an association's estimated standard premium, unless authorized by the Commission.

(b) The policy required in Subsection (a) of this Section must not be terminable for any reason except upon thirty (30) days' written notice by certified mail or overnight courier to the Commission and the association.

(c) Copies of the complete policy required by Subsection (a) of this Section must be filed with the Commission.

(d) Under certain conditions, an irrevocable letter of credit may be presented in lieu of aggregate excess insurance. The form and amount of the letter of credit must be approved by the Commission.

(e) Two or more group self-insurance associations may pool together to purchase aggregate excess insurance, upon application and approval of the Commission and the excess carrier.

Okla. Admin. Code § 810:25-11-6

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