Oklahoma: premium trust account rules
What Oklahoma requires of insurance producers holding premium funds, and what happens when those funds are diverted.
Citation
36 Okl.St.Ann. §§ 1435.13; 1435.13a; 1474
Source chart last reviewed this jurisdiction: 2/25
What the jurisdiction requires
All premiums belonging to insurers and all unearned premiums belonging to insureds received by an insurance producer licensee shall be treated by the insurance producer licensee in a fiduciary capacity. Managing general agent shall hold in a fiduciary capacity all funds that are collected for the account of an insurer.
Penalties for diversion
The commissioner may place on probation, censure, suspend, revoke or refuse to issue or renew a license or levy a civil penalty if a licensee improperly withholds, misappropriates, or converts any money received during the course of doing insurance business. In addition, or in lieu of a change of licensure the commissioner may levy a civil fine of not more than $1,000 for each occurrence.
This reference is not legal advice. Citations and summaries are transcribed from the NAIC's Fiduciary Responsibilities—Premiums chart (Spring 2025) and reflect that chart's own review dates, which vary by jurisdiction. Statutes change, and the chart may lag the current code. Confirm the current text of any provision with the jurisdiction's insurance department or your own counsel before relying on it.
Tie out a Oklahoma trust account
Tie your premium trust account out three ways — bank, ledger and what you owe — with Oklahoma's cited rule beside the worksheet. Runs in your browser; nothing is uploaded.
Trust account reconciliation worksheetKeep your trust account provably in balance
Policy Balance Hub tracks premium held in trust against what you owe each carrier, so the reconciliation an examiner asks for already exists.