§47-230.30.

§47-230.30.
   
   A. No license shall be issued by the Commission to any carrier until
   after the carrier shall have filed with the Commission a liability
   insurance policy or bond covering public liability and property
   damage, issued by some insurance or bonding company or insurance
   carrier authorized pursuant to this section and which has complied
   with all of the requirements of the Commission, which bond or policy
   shall be approved by the Commission, and shall be in a sum and amount
   as fixed by a proper order of the Commission; and the liability and
   property damage insurance policy or bond shall bind the obligor
   thereunder to make compensation for injuries to, or death of, persons,
   and loss or damage to property, resulting from the operation of any
   carrier for which the carrier is legally liable. A copy of the policy
   or bond shall be filed with the Commission, and, after judgment
   against the carrier for any damage, the injured party may maintain an
   action upon the policy or bond to recover the same, and shall be a
   proper party to maintain such action.
   
   B. Every motor carrier shall file with the Commission a cargo
   insurance policy or bond covering any goods or property being
   transported, issued by some insurance or bonding company or insurance
   carrier authorized as set forth below, and which has complied with all
   of the requirements of the Commission, which bond or policy shall be
   approved by the Commission, and shall be in a sum and amount as fixed
   by a proper order of the Commission. The cargo insurance must be filed
   with the Commission prior to a license being issued by the Commission,
   unless the motor carrier has been exempted from this requirement.
   
   Intrastate motor carriers of sand, rock, gravel, asphaltic mixtures or
   other similar road building materials shall not be required to file
   cargo insurance and shall be required to maintain liability insurance
   limits of Three Hundred Fifty Thousand Dollars ($350,000.00) combined
   single limit.
   
   No carrier, whose principal place of business is in Oklahoma, shall
   conduct any operations in this state unless the operations are covered
   by a valid primary bond or insurance policy issued by a provider
   authorized or approved by the State Insurance Commissioner. No carrier
   shall conduct any operations in this state unless the operations are
   covered by a valid bond or insurance policy issued by a provider
   authorized and approved by a National Association of Insurance
   Commissioners and certified by the State Insurance Commission.
   
   C. Each carrier shall maintain on file, in full force, all insurance
   required by the laws of this state and the rules of the Commission
   during the operation of the carrier and that the failure for any cause
   to maintain the coverage in full force and effect shall immediately,
   without any notice from the Commission, suspend the rights of the
   carrier to operate until proper insurance is provided. Any carrier
   suspended for failure to maintain proper insurance shall have a
   reasonable time, not exceeding sixty (60) days, to have its license
   reactivated, and to provide proper insurance upon showing:
   
   1. No operation during the period in which it did not have insurance;
   and
   
   2. Furnishing of proper insurance coverage.
   
   D. Any carrier who fails to reactivate its license within sixty (60)
   days after the suspension, as above provided, shall have the license
   canceled, by operation of law, without any notice from the Commission.
   No license so canceled shall be reinstated or otherwise made operative
   except that the Commission may reinstate the license of a carrier upon
   proper showing that the carrier was actually covered by proper
   insurance during the suspension or cancellation period, and that
   failure to file with the Commission was not due to the negligence of
   the carrier. Any carrier desiring to file for reinstatement of its
   license shall do so within ninety (90) days of its cancellation by
   law.
   
   E. The Commission shall, in its discretion, permit the filing of
   certificates of insurance coverage or such form as may be prescribed
   by the Commission, in lieu of copies of insurance policies or bonds,
   with the proviso that if the certificates are authorized the insurance
   company or carrier so filing it, upon request of the Commission, will,
   at any time, furnish an authenticated copy of the policy which the
   certificate represents, and further provided that thirty (30) days
   prior to effective cancellation or termination of the policy of
   insurance for any cause, the insurer shall so notify the Commission in
   writing of the facts or as deemed necessary by the Commission.