Okla. Reminds Producers, Adjusters of Change of Address Requirement

The Oklahoma Insurance Department issued a reminder to all licensed producers and adjusters in the state that they must notify the department of address changes within 30 days of the change.

Failure to notify the Oklahoma Insurance Department of change in address results in unnecessary delays in notifying producers and adjusters of important insurance information and creates waste in mailing and other costs, the department said.

The department said it will immediately begin enforcing 36 O.S. § 1435.8 (F) of the Oklahoma Producer Licensing Act, which relates to failure to notify of change of address. The statute reads:

“Licensees shall inform the Insurance Commissioner by any means acceptable to the Insurance Commissioner of a change of address within thirty days of the change. Failure to timely inform the Insurance Commissioner of a change in legal name or address shall result in a penalty pursuant to Section 1435.13 of the title.”

Failing to notify the department of a change of address within 30 days will result in a fine of not less than $100, the department said.

Source: Oklahoma Department of Insurance