# OK Bulletin 2024-05: Bulletin No. 2024-05: Financial Protection Products > Oklahoma · Agency guidance · In force URL: https://www.frixlaw.com/law-library/statutes/OK_INS_B_2024-05 ## Section - **Citation:** OK Bulletin 2024-05 - **Heading:** Bulletin No. 2024-05: Financial Protection Products - **Jurisdiction:** Oklahoma - **Kind:** Agency guidance - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** Oklahoma Insurance Department Bulletins / Bulletin No. 2024-05: Financial Protection Products ## Text BULLETIN NO. 2024-05 TO: VENDORS OF DEBT WAIVERS AND VEHICLE VALUE PROTECTION AGREEMENTS RE: FINANCIAL PROTECTION PRODUCTS FROM: GLEN MULREADY, INSURANCE COMMISSIONER DATE: SEPTEMBER 1, 2024 The Regulated Industry Services (RIS) Division of the Oklahoma Insurance Department (OID) will oversee the new Financial Protection Product registrations. The OID’s Rate and Form (R&F) Division will oversee the reinsurance policy form filing. Legislative changes requiring the registration and form filings for Debt Waivers or Vehicle Value Protection Agreements are summarized below. Disclaimer: The following overview does not include every legislative change made in 2024. Please refer to the Oklahoma Supreme Court Network (OSCN) webpage to view all changes. Financial Protection Products Legislative Changes effective November 1, 2024 SB 541 Debt Waiver - 15 O.S. § 140.4(B). Registration - 1. No administrator or creditor operating as an administrator shall perform or engage in any administrative or operational functions of a debt waiver program without first registering with the Insurance Department. Registration shall be renewed annually by July 15 of each calendar year. All registrations shall be filed, and fees shall be paid electronically in the manner and form prescribed by the Commissioner. Contact change - 2. An administrator or a creditor operating as an administrator shall electronically file an updated registration within thirty (30) days of any change of name, address, or email address. Days to respond - 3. Every administrator or creditor, upon receipt of any inquiry from the Commissioner, shall furnish the Commissioner with an adequate response to the inquiry within twenty (20) days from the date of receipt of the inquiry. ting as an administrator shall electronically file an updated registration within thirty (30) days of any change of name, address, or email address. Days to respond - 3. Every administrator or creditor, upon receipt of any inquiry from the Commissioner, shall furnish the Commissioner with an adequate response to the inquiry within twenty (20) days from the date of receipt of the inquiry. Vehicle Value Protection Agreements - 15 O.S. § 140.5(B). Registration - 1. No administrator or provider operating as an administrator shall perform or engage in any administrative or operational functions of vehicle value protection agreements without first registering with the Insurance Department. Registration shall be renewed annually by July 15 of each calendar year. All registrations shall be filed and fees shall be paid electronically in the manner and form prescribed by the Insurance Commissioner. Contact change - 2. An administrator or a provider operating as an administrator shall electronically file an updated registration within thirty (30) days of any change of name, address, or email address. Days to respond - 3. Every administrator and provider, upon receipt of any inquiry from the Commissioner, shall furnish the Commissioner with an adequate response to the inquiry within twenty (20) days from the date of receipt of the inquiry. 15 O.S. § 140.5(C)(3)(a). Amends the reinsurance policy requirement - insure all of its vehicle value protection agreements under an insurance policy that covers one hundred percent (100%) of its claim exposure, satisfies the requirements of this act, and contains the following provision: “In the event the provider is unable to fulfill its obligations under vehicle value protection agreements issued in this state for any reason including insolvency, bankruptcy, or dissolution, the insurer will pay any losses and unearned fees to the person making a claim under such agreement.” The insurance policy shall be issued by an insurer licensed, registered, or s the following provision: “In the event the provider is unable to fulfill its obligations under vehicle value protection agreements issued in this state for any reason including insolvency, bankruptcy, or dissolution, the insurer will pay any losses and unearned fees to the person making a claim under such agreement.” The insurance policy shall be issued by an insurer licensed, registered, or otherwise authorized to do business in this state either: (1) at the time the policy is filed with the Insurance Commissioner, and continuously thereafter, (i) maintain surplus as to policyholders and paid-in capital no less than Fifteen Million Dollars ($15,000,000.00) and (ii) annually file copies of the insurer’s financial statements, its National Association of Insurance Commissioners (NAIC) Annual Statement, and the actuarial certification required by and filed in the insurer’s state of domicile, or (2) at the time the policy is filed with the Commissioner, and continuously thereafter, (i) maintain surplus as to policyholders and paid-in capital of less than Fifteen Million Dollars ($15,000,000.00) but at least equal to Ten Million Dollars ($10,000,000.00), (ii) demonstrate to the satisfaction of the Commissioner that the company maintains a ratio of net written premiums, wherever written, to surplus as to policyholders and paid-in capital of not greater than 3 to 1, and (iii) annually file copies of the insurer’s audited financial statements, its NAIC Annual Statement, and the actuarial certification required by and filed in the insurer’s state of domicile, 15 O.S. § 140.5(C)(3)(b)(2). Amends security deposit – removes cash as an option. Refer to the RIS Webpage for more details and instructions https://www.oid.ok.gov/regulated- entities/regulated-industry-services/. Questions concerning this bulletin should be directed to the Oklahoma Insurance Department’s Regulated Industry Services Division at 405-521-2828 or by email to ris@oid.ok.gov. ## Nearby sections - [OK Bulletin 2014-01 Bulletin No. 2014-01: Pharmacy Benefit Managers](https://www.frixlaw.com/law-library/statutes/OK_INS_B_2014-01.md) - [OK Bulletin 2015-02 Bulletin No. 2015-02: Inspection of Insured Property and Adjuster Training](https://www.frixlaw.com/law-library/statutes/OK_INS_B_2015-02.md) - [OK Bulletin 2015-03 Bulletin No. 2015-03: (OK-MAP) Annual Assessment](https://www.frixlaw.com/law-library/statutes/OK_INS_B_2015-03.md) - [OK Bulletin 2017-01 Bulletin No. 2017-01 Pharmacy Benefit Managers Re: Surety Bond](https://www.frixlaw.com/law-library/statutes/OK_INS_B_2017-01.md) - [OK Bulletin 2019-01 Bulletin No. 2019-1: Federal Government Shutdown](https://www.frixlaw.com/law-library/statutes/OK_INS_B_2019-01.md) - [OK Bulletin 2023-10 Bulletin No. 2023-10 (REVISED 12/16/2024) New Medicare Supplement Enrollment Requirements](https://www.frixlaw.com/law-library/statutes/OK_INS_B_2023-10.md) - [OK Bulletin 2024-01 Bulletin No. 2024-01: 2024 Maximum Amount of Principle Allowed for Non-Specified Contracts](https://www.frixlaw.com/law-library/statutes/OK_INS_B_2024-01.md) - [OK Bulletin 2024-04 Bulletin No. 2024-04: House Bill 1979 Prepaid Vision Plan Organizations](https://www.frixlaw.com/law-library/statutes/OK_INS_B_2024-04.md) - [OK Bulletin 2024-05 Bulletin No. 2024-05: Financial Protection Products](https://www.frixlaw.com/law-library/statutes/OK_INS_B_2024-05.md) - [OK Bulletin 2024-06 Bulletin No. 2024-06: New Legislative Changes to the Service Warranty Act](https://www.frixlaw.com/law-library/statutes/OK_INS_B_2024-06.md) - [OK Bulletin 2024-07 Bulletin No. 2024-07: 2024 Rule Changes](https://www.frixlaw.com/law-library/statutes/OK_INS_B_2024-07.md) - [OK Bulletin 2024-08 Bulletin No. 2024-08: 2024 Legislative Changes](https://www.frixlaw.com/law-library/statutes/OK_INS_B_2024-08.md) - [OK Bulletin 2024-10 Bulletin No. 2024-10: Insurance Data Security Act (SB543, 2024 Session)](https://www.frixlaw.com/law-library/statutes/OK_INS_B_2024-10_PRIOR.md) - [OK Bulletin 2024-10 Bulletin No. 2024-10 (REVISED 06/27/2025): Insurance Data Security Act (SB 543, 2024 Session; HB 1498, 2025 Session)](https://www.frixlaw.com/law-library/statutes/OK_INS_B_2024-10.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/OK_INS_B_2024-05. Check the current official text before relying on it. Not legal advice.