OK| Oklahoma Insurance Department issues bulletin addressing the anti-rebating statute in Oklahoma’s insurance industry, focusing on the prohibition of negotiating commission returns or premium rebates.
The key points are:
- The practice of returning any portion of commissions or premiums to secure or retain insurance business is considered rebating and violates unfair trade practice laws.
- State law prohibits insurers and producers from offering rebates or valuable considerations not specified in the insurance policy.
- Anti-rebating statutes aim to prevent discriminatory practices and ensure uniformity in insurance rates, with exceptions noted under 36 O.S. § 1204(8)(b).
