Okla. Stat. tit. 36 § 1442

Current through Laws 2024, c. 453.

Section 1442 - Definitions

As used in the Third-party Administrator Act, Section 1441 et seq. of this title:

1. "Administrator" means any person who collects premiums for an insurer or trust or who adjusts or settles claims for an insurer or trust, in connection with life or health insurance coverage, annuities or employee benefit stop loss in this state, but shall not include any person who collects premiums or who adjusts or settles claims under the following circumstances:

a. any employer on behalf of the employees of that employer or the employees of one or more subsidiary or affiliated corporations of that employer,

b. a union on behalf of its members,

c. an insurance company which is licensed to transact insurance business in this state,

d. a wholly owned subsidiary of an entity which is subject to the jurisdiction of the Insurance Commissioner,

e. an insurance company acting as an insurer with respect to a policy lawfully issued and delivered by said company in and pursuant to the laws of this state,

f. a hospital, medical, dental, or optometric service corporation or a health care service organization, including their agents, authorized by the Commissioner to issue contracts in this state pursuant to the provisions of the Oklahoma Insurance Code when engaged in the performance of their duties,

g. a life or disability agent or broker who is licensed in this state and whose activities are limited exclusively to the sale of insurance,

h. an adjuster licensed in this state for the kinds of business for which he is acting as an adjuster,

i. a creditor insuring a debt between the creditor and its debtors on behalf of said creditor's debtors,

j. a financial institution which is subject to supervision or examination by federal or state banking authorities,

k. a company which issues credit cards and advances credit for and collects premiums or charges from its credit card holders who have authorized said collection, if the company does not adjust or settle claims,

l. a person who adjusts or settles claims in the normal course of practice or employment as an attorney-at-law and who does not collect charges or premiums in connection with life or health insurance coverage or annuities,

m. any workers' compensation trust, or

n. a trust providing benefits to the employees of any political subdivision of a city, county or the state; and

2. "Trust" means any trust other than those exempted in paragraph 1 of this section which engages in the business of making contracts of insurance.

Okla. Stat. tit. 36, § 1442

Amended by Laws 2013 , c. 254, s. 26, eff. 1/1/2015.

Added by Laws 1983, HB 1209, c. 89, § 2, eff. 11/1/1983; Amended by Laws 1984, HB 1754, c. 173, § 5, emerg. eff. 5/7/1984; Amended by Laws 1987, HB 1030, c. 175, § 15, eff. 11/1/1987; Amended by Laws 2008 , SB 2122, c. 184, §15, emerg. eff. 7/1/2008.