A. As an alternative to the trust requirements of Section 7126 of this title, an organization may purchase a surety bond in an amount not less than the minimum funding requirement.
B. The surety bond shall be made payable to the State of Oklahoma for the benefit of the Insurance Commissioner and all purchasers of prepaid cemetery merchandise. The bond shall be approved by the Commissioner.
C. The Commissioner may establish by rule the requirements and guidelines for the surety bonds required pursuant to this section.
D. A surety bond maintained under the provisions of this section or Section 7124 of this title may be cancelled or terminated by the surety only by providing notice to the Commissioner, no later than ninety (90) days before the effective date of the cancellation or termination. Notwithstanding the cancellation, termination, or expiration of a bond maintained under this section or Section 7124 of this title, the surety shall remain liable for obligations arising during the term of the bond and prior to the termination, cancellation or expiration.
Added by Laws 1989, c. 297, § 23, eff. Nov. 1, 1989. Amended by Laws 1995, c. 82, § 9, eff. Nov. 1, 1995; Laws 2009, c. 3, § 8, eff. July 1, 2009; Laws 2010, c. 58, § 17, eff. July 1, 2010. Renumbered from § 307 of Title 8 by Laws 2010, c. 58, § 44, eff. July 1, 2010. Amended by Laws 2013, c. 269, § 22, eff. Nov. 1, 2013.
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