Surety Bond Blog » oklahoma

Oklahoma Workers Compensation Bond

Eric Weisbrot — Mon, 23 Jan 2012 12:16:28 +0000

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 of yearly claims in the previous three years.

Oklahoma Service Contract Bond

Eric Weisbrot — Wed, 19 Oct 2011 15:16:46 +0000

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 all contracts supplied and in force within Oklahoma and can also be no less than $25,000. Also required is a funded reserve account in addition to the bond. SB 780 will be effective November 1, 2011.

Oklahoma Water Supply Construction Bond

Eric Weisbrot — Tue, 16 Aug 2011 14:38:49 +0000

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 in a quantity equivalent to the contract price for installation/equipment including an additional ten percent. The bond must be active for one year after the equipment is operating as oppose to the previous requirements which required the bond to be active for five years.