Okla. Stat. tit. 36 § 2205

Current through Laws 2024, c. 453.

Section 2205 - Trust instrument - Mandatory provisions

In addition to the requirements of Section 60 of this act, the trust instrument shall provide:

1. That there shall be a minimum period during which any insured must participate in the trust;

2. That all insureds shall execute a participation agreement;

3. That the trustee shall be an individual or an institution such as a bank, insurance company or other appropriate entity;

4. A preliminary assessment of all insureds for initial expenses necessary to commence operation;

5. For establishment of necessary facilities;

6. Details of the management of the trust;

7. Procedures for assessment of all insureds to defray losses and expenses;

8. Description of commission arrangements;

9. Description of reasonable and objective underwriting standards;

10. Procedures for and description of acceptance and cession of reinsurance;

11. Procedures for and descriptions of appointment of servicing carriers or other servicing arrangements; and

12. Procedures for determining amounts of insurance to be provided by the trust.

Okla. Stat. tit. 36, § 2205

Added by Laws 2004 , HB 2661, c. 368, §62, emerg. eff. 7/1/2004.