Okla. Stat. tit. 36, § 36-2119
This is the official text of Okla. Stat. tit. 36, § 36-2119, 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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Nonassessable policies, mutual insurers
Official statutory text
A. While it maintains on deposit with the State Treasurer
through the Insurance Commissioner surplus funds in amount not less
than the paid-in capital required of a domestic stock insurer
transacting like kinds of insurance, a domestic mutual insurer may
extinguish the contingent liability of its members as to all
policies in force, and may omit provisions imposing contingent
liability in all its policies currently issued.
B. When such surplus funds have been so deposited and the
Commissioner has so ascertained, he shall issue to the insurer at
its request his certificate authorizing such extinguishment and
omission of contingent liability.
C. A foreign or alien mutual insurer may issue nonassessable
policies to its members in this state in accordance with its charter
and the laws of its domicile, provided the standards and
requirements of the laws of the state of such domicile with respect
to the issuance of nonassessable policies are substantially
equivalent to or higher than the legal requirements in Oklahoma.
through the Insurance Commissioner surplus funds in amount not less
than the paid-in capital required of a domestic stock insurer
transacting like kinds of insurance, a domestic mutual insurer may
extinguish the contingent liability of its members as to all
policies in force, and may omit provisions imposing contingent
liability in all its policies currently issued.
B. When such surplus funds have been so deposited and the
Commissioner has so ascertained, he shall issue to the insurer at
its request his certificate authorizing such extinguishment and
omission of contingent liability.
C. A foreign or alien mutual insurer may issue nonassessable
policies to its members in this state in accordance with its charter
and the laws of its domicile, provided the standards and
requirements of the laws of the state of such domicile with respect
to the issuance of nonassessable policies are substantially
equivalent to or higher than the legal requirements in Oklahoma.
Status: in_force · Read it on the official government site
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