Certain Oklahoma public officials now must get a hefty surety bond in order to stay legal. The new law is named SB 895 and requires a $500,000 surety bond of members of a investigator commission founded under the Oklahoma State Bureau of Investigation. The bond guarantees that the members will follow state laws and regulations.
New surety legislation provides an option for employers in Oklahoma State. The new law is named SB 878 and allows employers to act as self-insurers. Employers that choose to self-insure must obtain a surety bond. The Workers’ Compensation Court would establish the amount of the bond but must be at least equal to the average read more »
Oklahoma State has enacted a new bill concerning the surety industry. The new bill is named SB 780 and requires the service contract provider to obtain a surety bond or other security. The amount of the bond must be at least 5% of the gross premium received on the sale of the service contract for read more »
Oklahoma State has revised requirements currently in place regarding water supply construction permits. The Oklahoma Department of Environmental Quality has adopted modified regulations for public water supply construction which requires suppliers to obtain a performance bond or another form of guarantee to protect against equipment failure. The surety bond must be payable to the permittee read more »
SB 610 is a new bill implemented in the State of Oklahoma relating to carbon dioxide injection wells. The new bill permits the Oklahoma Corporations Commission and the Department of Environmental Quality to implement regulations as may be appropriate to require surety bonds or “financial sureties” in relation to permits for carbon dioxide injection wells. read more »
SB 608 is a new Oklahoma State law relating to “nonparticipating tobacco manufacturers” that was enacted this year. The new law requires “nonparticipating tobacco manufacturers” to acquire a surety bond to be included in the State’s directory of tobacco manufacturers and cigarette varieties. The nonparticipating manufacturers do not partake in the Master Settlement Agreement and read more »