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To all Oklahoma-licensees,
In an effort to increase efficiency and reduce waste, the Oklahoma Insurance Department is working to maintain the most accurate records for all licensed members of the insurance community. To facilitate keeping our records up-to-date and accurate, all licensees must notify the Oklahoma Insurance Department of address changes within five (5) days of the change. Failure to notify the Oklahoma Insurance Department of a change in address results in unnecessary delays in notifying you of important insurance information and creates waste in mailing and other costs.
As we work to help you comply, we will vigorously enforce 59 O.S. § 1310 (A) (21) which relates to failure to notify of change of address. The statute reads:
A. The Insurance Commissioner may deny, censure, suspend, revoke, or refuse to renew any license issued under Sections 1301 through 1340 of this title for any of the following causes:
21. For failing to notify the Commissioner of a change of address, as noted on the license, within five (5) days after a change is made, or failing to respond to a properly mailed notification within a reasonable amount of time;
What this means for you:
Failing to notify the Oklahoma Insurance Department of a change of address within five (5) days may result in a fine of not less than $250.00. Please be aware of this and make adjustments accordingly.
The Oklahoma Insurance Department encourages all licensees to update their mailing, personal and business addresses and email addresses as often as possible. This feature is available free of charge by visiting the SBS website.