SECTION 310:657-15-3. Errors and omissions policy

(a)   Each Plan shall file evidence of an errors and omissions policy to protect insurers, insureds and enrollees financially from the Plan's errors.

(1)   The policy shall be no less than five hundred thousand dollars ($500,000) annual aggregate for all claims made during the policy period.

(2)   The policy shall remain in force for at least two (2) years after certification ends.

(b)   Such policy shall be issued by an entity licensed or approved by the Oklahoma Insurance Commissioner, to:

(1)   Do business in this state; and

(2)   Issue errors and omissions policies.

(c)   Such policy shall be continuous in form, or renewed annually. If renewed annually, evidence of renewal shall be provided to the Commissioner each year. The Plan shall ensure that the Commissioner is notified of:

(1)   Any lapse in coverage; or

(2)   Termination of coverage at least thirty (30) days before termination.

[Source: Added at 12 Ok Reg 2977, eff 6-16-95 (emergency); Added at 13 Ok Reg 2127, eff 6-13-96; Amended at 14 Ok Reg 2264, eff 6-12-97]