Okla. Stat. tit. 36, § 36-1928

A. In all cases of mutual debts or mutual credits between the

insurer and another person, whether arising out of one or more

Oklahoma Statutes - Title 36. Insurance Page 560

contracts between the insurer and another person, in connection with

any action or proceeding under this article, such credits and debts

shall be offset and the balance only shall be allowed or paid,

except as provided in subsection B of this section.

B. No offset shall be allowed if:

1. The obligation of the insurer would not, at the date of the

entry of any liquidation order or otherwise as provided in Section

1925 of this title, entitle the claimant to share in the assets of

the insurer;

2. The obligation of the insurer was purchased by or

transferred to the claimant to be used as an offset;

3. The obligation is to pay an assessment levied against the

members of a mutual insurer, or against the subscribers of a

reciprocal insurer, or to pay a balance upon the subscription to the

capital stock of a stock insurer;

4. The obligation of the insurer is owed to an affiliate of

such person, or any other entity or association other than the

person;

5. The obligation of the person is owed to an affiliate of the

insurer, or any other entity or association other than the insurer;

or

6. The obligation between the person and the insurer arises

from business where either the person or the insurer has assumed

risks and obligations from the other party and then has ceded back

to that party substantially the same risks and obligations.