1. A. After procuring any surplus line insurance where Oklahoma is the home state and the insurance involves a multistate risk, the surplus lines licensee and broker shall submit such clearinghouse or other entity information as may be established by the Insurance Commissioner through joining, in his or her sole discretion and judgment, the Nonadmitted Insurance Multi-State Agreement or any other multistate agreement or compact with the same function and purpose.
2. B. When Oklahoma is the home state in connection with a multistate risk, the surplus lines licensee and broker shall make the tax filings and payments required in the manner established by the Insurance Commissioner through joining, in his or her sole discretion and judgment, the Nonadmitted Insurance Multi-State Agreement or any other multistate agreement or compact with the same function and purpose.
3. C. Failure to file the required information in the manner established by the Insurance Commissioner in the exercise of his or her sole discretion and judgment pursuant to this section and Section 1115 of this title where Oklahoma is the home state shall result, after notice and hearing, in censure, suspension, or revocation of license or a fine of up to Five Hundred Dollars ($500.00) for each occurrence or by both such fine and licensure penalty.

Laws 1987, HB 1030, c. 175, § 7, eff. November 1, 1987; Amended by Laws 1991, SB 175, c. 146, § 2, eff. September 1, 1991; Amended by Laws 2010, SB 2054, c. 222, § 16, eff. November 1, 2010 (superseded document available); Amended by Laws 2011, SB 778, c. 278, § 13; Amended by Laws 2011, HB 2072, c. 360, § 13 (superseded document available).