SECTION 365:15-3-1. Purpose

(a)   This subchapter is promulgated pursuant to the Insurance commissioner's authority as set forth in 36 O.S. Section 1250.16. It prohibits insurers and agents doing business in the state from engaging in unfair claims settlement practices and provides that if any insurer or agent performs any of the acts or practices prohibited by the Unfair Claims Settlement Practices Act, the insurer or agent may be fined following an administrative hearing. The Unfair Claim Settlement Practices Act provides that a property and casualty insurer found by the Commissioner to engage in unfair claim settlement practices with such frequency as to indicate a general business practice shall be closely supervised by the Commissioner; the Commissioner may further require the property and casualty insurer to file periodic reports.

(b)   The purpose of this subchapter is to set forth rules and procedures regarding the settlement of claims and to set forth the punishment for violation of this subchapter.

(c)   The provisions of this subchapter are not exclusive and other acts, not specified herein, may also be deemed to be unfair claims settlement practices or unfair claim resolution acts.

[Source: Amended at 35 Ok Reg 1743, eff 9-14-18]