TPA Subscribers: CCG Updates Third-Party Administrators GuideOklahoma to Fine TPAs $50 for Late Notice of Name, Contact Changes
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/ 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/ Contact Croneal Consulting Group info@cronealconsultinggroup.com Photos: https://www.prlog.org/ https://www.prlog.org/ End
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