SECTION 365:25-15-9. Executive officers and directors

(a)   Every company shall report to the Insurance Commissioner within thirty days after any change in its executive officers or directors, including in its report a statement of the business and professional affiliations of any new executive officer or director. Every executive officer or director shall provide a biographical affidavit to the Insurance Commissioner within forty-five (45) days of his/her appointment as an executive officer or to the board of directors of the company.

(b)   Except as otherwise permitted under the company's plan of operation approved by the Commissioner, no director, officer, or employee of a company shall, except on behalf of the company, accept, or be the beneficiary of, any fee, brokerage, gift, or other emolument because of any investment, loan, deposit, purchase, sale, payment or exchange made by or for the company, but such person may receive reasonable compensation for necessary services rendered to the company in his or her usual private, professional or business capacity.

(c)   Any profit or gain received by or on behalf of any person in violation of this section shall inure to and be recoverable by the company.

[Source: Added at 22 Ok Reg 2045, eff 7-14-05; Amended at 31 Ok Reg 1897, eff 9-15-14; Amended at 32 Ok Reg 1953, eff 9-15-15]