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Until 1956, when the New York legislature passed their compulsory insurance law, Massachusetts was the only state in the U.S. that required drivers to get insurance before registration. North Carolina followed suit in 1957 and then in the 1960s and 1970s numerous other states passed similar compulsory insurance laws.
Insurance, generally, is a contract in which the insurer agrees to compensate or indemnify another party (the insured, the policyholder or a beneficiary) for specified loss or damage to a specified thing (e.g., an item, property or life) from certain perils or risks in exchange for a fee (the insurance premium). [2]
It varies from state to state as to whether either or both employer's liability insurance and public liability insurance have been made compulsory by law. Regardless of compulsion, however, most organizations include public liability insurance in their insurance portfolio even though the conditions, exclusions, and warranties included within ...
Oklahoma auto insurance laws dictate that drivers must carry liability coverage that meets or exceeds 25/50/25 policy limits, meaning: $25,000 of bodily injury liability per person. $50,000 of ...
You can be fined up to $250 for driving without insurance in Oklahoma, and although it is not likely for your first offense, you can be sentenced to jail for up to 30 days in some cases. In ...
Insurance regulatory law. Insurance regulatory law is the body of statutory law, administrative regulations and jurisprudence that governs and regulates the insurance industry and those engaged in the business of insurance. Insurance regulatory law is primarily enforced through regulations, rules and directives by state insurance departments as ...
Workers' compensation (which formerly was known as workmen's compensation until the name was changed to make it gender neutral) in the United States is a primarily state-based [1] system of workers' compensation. In the United States, some form of workers compensation is typically compulsory for almost all employers in most states (depending ...
The revenue for Oklahoma Insurance Department's budget is generated from the fees associated with the licenses. Since 2016, the OID has been non appropriated.According to the OID's 2018 Annual Report, the department's operations have produced $46.5 million to be given back to the State of Oklahoma budget for use by other state agencies.