(A) Definitions. For the purpose of this section, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
COMPULSORY INSURANCE LAW. The law requiring liability insurance in conjunction with the operation of a motor vehicle in the state as found in 47 O.S. Ch. 7, Art. 6, and § 7-606.
OPERATOR’S POLICY. An operator’s policy of liability insurance which shall insure the named person against loss from the liability imposed upon him or her by law for damages arising out of the operation or use by him or her of any motor vehicle not owned by him or her, subject to the same limits of liability required in an owner’s policy.
OWNER’S POLICY. An owner’s policy of liability insurance which:
(a) Shall designate by explicit description or by appropriate reference all vehicles with respect to which coverage is thereby to be granted;
(b) Shall insure the person named therein and insure any other person, except as provided in division (c) below of this definition, using an insured vehicle with the express or implied permission of the named insured, against loss from the liability imposed by law for damages arising out of the ownership, maintenance, operation or use of such vehicle;
(c) May provide for exclusions from coverage in accordance with existing laws; and
(d) Shall be issued by an authorized carrier providing coverage in accordance with 47 O.S. § 7-204.
SECURITY.
(a) A policy or bond meeting the requirements of 47 O.S. § 7-204;
(b) A deposit of cash or securities having the equivalency of limits required under 47 O.S. § 7-204 as acceptable limits for a policy or bond;
(c) Self-insurance, pursuant to the provisions of 47 O.S. § 7-503, having the equivalency of limits required under 47 O.S. § 7-204 as acceptable limits for a policy or bond; and
(d) For vehicles registered pursuant to the provisions of 47 O.S. § 1127, a policy or bond meeting or exceeding the requirements of 47 O.S. § 7-204; provided, the policy or bond may be issued by an insurance company or surety company authorized to do business in the state of residence or domicile of the member of the armed forces, and the motor license agent or other registering agency shall accept the security verification form issued by such insurance company or surety company.
SECURITY VERIFICATION FORM. A form, approved by the state’s Insurance Commission, verifying the existence of security required by the compulsory insurance law of the state.
(B) Proof of insurance required.
(1) Every operator of a motor vehicle registered in the state shall, while operating or using such vehicle within the town boundaries, carry either an operator’s or an owner’s security verification form issued by a carrier; provided, the operator is not excluded from coverage thereon; or an equivalent form issued by the Department of Public Safety, reflecting liability coverage.
(2) The owner of a motor vehicle registered in the state and operating the vehicle within the town boundaries shall carry in such vehicle at all times a current owner’s security verification form listing the vehicle, or an equivalent form which has been issued by the State Department of Public Safety, which shall be produced by any driver thereof upon request for inspection by any law enforcement officer and, in case of a collision, the form shall be shown upon request to any person affected by the collision.
(C) Exemptions. The following shall not be required to carry an owner’s or operator’s security verification form or an equivalent form from the Department during operation of the vehicle and shall not be required to surrender such form for vehicle registration purposes:
(1) Any vehicle owned or leased by the Federal or State Government, or any agency or political subdivision thereof;
(2) Any vehicle bearing the name, symbol or logo of the business, corporation or utility on the exterior and which is in compliance with the compulsory insurance law according to records of the Department of Public Safety which reflect a deposit, bond, self-insurance or fleet policy;
(3) Fleet vehicles maintaining current vehicle liability insurance as required by the state’s Corporation Commission or any other regulating entity;
(4) Any licensed taxicab; and
(5) Any vehicle owned by a licensed motor vehicle dealer.
(Prior Code, § 6-1-5) Penalty, see § 70.99