Okla. Admin. Code § 730:25-5-5

Current through Vol. 42, No. 4, November 1, 2024

Section 730:25-5-5 - Surety company and insurance company

(a) No surety company shall act as surety on an Oklahoma Department of Transportation contract in an amount which exceeds the bonding limitation as published in the Federal Register, Treasury Circular 570 or ten percent (10%) of capital and surplus as found in the Annual Report and Directory of Insurance Companies published by the Oklahoma Insurance Commission.

(b) In the event that any surety company shall fail or refuse to honor the terms and conditions of a bond provided to the Department, the Department shall so notify the Department of Central Services and the State Insurance Commission and may further refuse to accept bonds from the surety company until the bond obligation has been fulfilled.

Amended at 12 Ok Reg 1269, eff 5-11-95; Amended at 18 Ok Reg 1357, eff 5-11-01