SECTION 365:20-3-5. Reporting requirements

(a)   Every title insurance agent shall report in writing to the insurer the amount of title insurance premium actually charged, and the title insurer shall pay to the State of Oklahoma the amount of tax due on such reported title insurance premium.

(b)   Every title insurer holding a Certificate of Authority from the Oklahoma Department of Insurance shall conduct a policy inventory audit, in accordance with its accepted company practice, of each of its licensed agents periodically, but at least every two years. Such policy inventory audit is defined as an audit of the unused forms in the possession of each of its licensed title insurance agents so as to determine that all used policy forms have been reported to the title insurer. A report of each such audit shall be made to the Oklahoma Insurance Department in writing in a form acceptable to the Insurance Commissioner. Interested parties may upon request obtain a copy of an approved title policy inventory audit report form from the Oklahoma Insurance Department.

(c)   The reporting requirements contained in this rule shall become effective January 1, 1998.

[Source: Added at 14 Ok Reg 2960, eff 7-14-97]