Okla. Stat. tit. 36, § 36-2036

creditor - Payment of policies and contractual obligations.

Oklahoma Statutes - Title 36. Insurance Page 619

A. For the purpose of carrying out its obligations under the

Oklahoma Life and Health Insurance Guaranty Association Act, the

Oklahoma Life and Health Insurance Guaranty Association shall be

deemed to be a creditor of the impaired or insolvent insurer to the

extent of assets attributable to covered policies reduced by any

amounts to which the Association is entitled as subrogee pursuant to

subsection K of Section 2028 of this title. Assets of the impaired

or insolvent insurer attributable to covered policies shall be used

to continue all covered policies and pay all contractual obligations

of the impaired or insolvent insurer as required by the Oklahoma

Life and Health Insurance Guaranty Association Act. Assets

attributable to covered policies or contracts, as used in this

subsection, are that proportion of the assets that the reserves

which should have been established for such policies or contracts

bear to the reserves which should have been established for all

policies of insurance or health benefit plans written by the

impaired or insolvent insurer.

B. As a creditor of the impaired or insolvent insurer as

established in subsection A of this section and consistent with

Section 1927.1 of this title, the Association and other similar

associations shall be entitled to receive a disbursement of assets

out of the marshaled assets, from time to time as the assets become

available to reimburse it, as a credit against contractual

obligations under this act. If the liquidator has not, within one

hundred twenty (120) days of a final determination of insolvency of

a member insurer by the receivership court, made an application to

the court for the approval of a proposal to disburse assets out of

marshaled assets to guaranty associations having obligations because

of the insolvency, then the Association shall be entitled to make

application to the receivership court for approval of its own

proposal to disburse these assets.