Okla. Stat. tit. 36, § 36-1603
This is the official text of Okla. Stat. tit. 36, § 36-1603, part of Oklahoma’s Stat. tit. 36, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 36,." Browse the sections below, each linked to its official government source.
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Qualification of securities or property as eligible
Official statutory text
investments.
A. No security or investment (other than property or shares
acquired pursuant to Sections 1612, 1616 or 1624 of this article)
shall be eligible for acquisition unless it is interest bearing or
interest accruing or dividend or income paying, is not then in
default in any respect, and the insurer is entitled to receive for
its exclusive account and benefit the interest or income accruing
thereon. Defaults in interest or income occurring subsequent to
acquisition of an investment shall not affect allowance thereof as
an asset.
B. No security or investment shall be eligible for purchase at
a price above its market value.
C. No provision of this article shall prohibit the acquisition
by an insurer of other or additional securities or property if
received as a dividend or as a lawful distribution of assets, or if
acquired pursuant to a lawful and bona fide agreement of bulk
reinsurance, merger, or consolidation. Any investment so acquired
through bulk reinsurance, merger, or consolidation, which is not
otherwise eligible under this article, shall be disposed of pursuant
to Section 1625 of this article.
A. No security or investment (other than property or shares
acquired pursuant to Sections 1612, 1616 or 1624 of this article)
shall be eligible for acquisition unless it is interest bearing or
interest accruing or dividend or income paying, is not then in
default in any respect, and the insurer is entitled to receive for
its exclusive account and benefit the interest or income accruing
thereon. Defaults in interest or income occurring subsequent to
acquisition of an investment shall not affect allowance thereof as
an asset.
B. No security or investment shall be eligible for purchase at
a price above its market value.
C. No provision of this article shall prohibit the acquisition
by an insurer of other or additional securities or property if
received as a dividend or as a lawful distribution of assets, or if
acquired pursuant to a lawful and bona fide agreement of bulk
reinsurance, merger, or consolidation. Any investment so acquired
through bulk reinsurance, merger, or consolidation, which is not
otherwise eligible under this article, shall be disposed of pursuant
to Section 1625 of this article.
Status: in_force · Read it on the official government site
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