Oklahoma to Fine TPAs $50 for Late Notice of Name, Contact Changes

OKLAHOMA CITY - July 19, 2023 - PRLog -- Croneal Consulting Group has updated the electronic version of its "Third-Party Administrators Guide, A State Legal Guide, 2023-2024 Edition," to reflect impending changes to Oklahoma's third-party administrator law.

Effective November 1, 2023, Oklahoma will amend its Third-Party Administrator Act to require the following:

-Persons seeking and renewing an administrator's license must file their applications and pay the $100 fees electronically.
-Persons who allow their licenses to expire for failure to submit a renewal application may reinstate their licenses within 90 days after the expiration date of their licenses by electronically paying a $200 fee, along with any other fees.
-Persons who seek to reinstate their licenses more than 90 days after the expiration date must include a detailed report of administrative services provided in Oklahoma during the period of expired licensure.
-Persons seeking or renewing an administrator's license will no longer be required to provide independent third-party background reports from an NAIC-approved vendor.
-Licensed administrators with name, address, email, and service agent contact changes must electronically notify the Oklahoma Department of Insurance (DOI) of the changes within 30 days of the change or pay a $50 penalty, for changes submitted after 30 days.
-Licensed administrators must provide an adequate response to the DOI within 20 days after receipt of an inquiry.

CCG notified electronic subscribers of Oklahoma's legal changes last week. To learn more about Oklahoma's changes, along with other states, purchase an electronic copy of the 616-page guide on http://www.payhip.com/ccg for $340, a 20 percent discount until the end of this month. A print/hard copy of the TPA guide is also available on Amazon.com at https://www.amazon.com/dp/B0BSWVGMYR?ref_=pe_3052080_3975... for $250. The electronic version of the TPA guide is priced higher due to the real-time updates provided until 2024 and the 61 pages of active links to the TPA forms.

The TPA guide is a 51-state compilation of statutes and regulations addressing the relationship of third-party administrators (TPAs) with insurers, policyholders, and state regulators, such as the state insurance departments. The guide also includes a list of more than 240 forms that TPAs use.

About Croneal Consulting Group

Croneal Consulting Group is an information and research services firm that provides database development services and Web portals for members of the legal, regulatory, and government communities. Besides UST Reports, a legislative/regulatory reporting service for five United States territories (American Samoa, Guam, Northern Mariana Islands, Puerto Rico, and the Virgin Islands), the firm counts as its flagship product, InsuranceBulletins.com, a 51-state Insurance Bulletin Alert Tracking System, with more than 9,000 insurance bulletins released from 2006 to the current date.

Contact
Croneal Consulting Group
info@cronealconsultinggroup.com
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