Okla. Stat. tit. 36, § 36-2128
This is the official text of Okla. Stat. tit. 36, § 36-2128, 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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Impairment of capital or assets
Official statutory text
A. If the capital stock or expendable surplus of a domestic
stock insurer is impaired to an extent of less than twenty percent
(20%) of the required capital stock or expendable surplus, or the
net surplus of a domestic mutual insurer is impaired to an extent of
less than twenty percent (20%) of the minimum amount of surplus
required of it by this Code for authority to transact the kinds of
insurance being transacted, the Commissioner shall serve notice upon
the insurer to make good the deficiency within sixty (60) days after
service of such notice.
B. The deficiency may be made good in cash or in assets
eligible under this code for the investment of the insurer's funds;
or if a stock insurer by reduction of the insurer's capital to an
amount not below the minimum required for the kinds of insurance
thereafter to be transacted; or if a mutual insurer, by amendment of
its certificate of authority to cover only such kind or kinds of
insurance for which the insurer has on deposit sufficient surplus.
C. If the deficiency is not made good and proof thereof filed
with the Commissioner within such sixty-day period, the insurer
shall be deemed insolvent and the Commissioner may institute
delinquency proceedings against it as authorized by this code. If
such deficiency exists because of increased loss reserves required
by the Insurance Commissioner, or because of disallowance by the
Commissioner of certain assets or reduction of the value at which
carried in the insurer's accounts, the Commissioner may in his
discretion and upon application and good cause shown, extend for not
more than an additional sixty (60) days the period within which such
deficiency may be so made good and such proof thereof so filed.
D. If the Commissioner finds that the capital stock or
expendable surplus of a domestic stock insurer is impaired to an
extent of more than twenty percent (20%) of the required capital
stock or expendable surplus, or that the net surplus of a domestic
mutual insurer is impaired to an extent of more than twenty percent
(20%) of the minimum amount of surplus required of it by this code
for authority to transact the kinds of insurance being transacted,
Oklahoma Statutes - Title 36. Insurance Page 652
the insurer shall be deemed insolvent and the Commissioner shall
forthwith institute delinquency proceedings.
stock insurer is impaired to an extent of less than twenty percent
(20%) of the required capital stock or expendable surplus, or the
net surplus of a domestic mutual insurer is impaired to an extent of
less than twenty percent (20%) of the minimum amount of surplus
required of it by this Code for authority to transact the kinds of
insurance being transacted, the Commissioner shall serve notice upon
the insurer to make good the deficiency within sixty (60) days after
service of such notice.
B. The deficiency may be made good in cash or in assets
eligible under this code for the investment of the insurer's funds;
or if a stock insurer by reduction of the insurer's capital to an
amount not below the minimum required for the kinds of insurance
thereafter to be transacted; or if a mutual insurer, by amendment of
its certificate of authority to cover only such kind or kinds of
insurance for which the insurer has on deposit sufficient surplus.
C. If the deficiency is not made good and proof thereof filed
with the Commissioner within such sixty-day period, the insurer
shall be deemed insolvent and the Commissioner may institute
delinquency proceedings against it as authorized by this code. If
such deficiency exists because of increased loss reserves required
by the Insurance Commissioner, or because of disallowance by the
Commissioner of certain assets or reduction of the value at which
carried in the insurer's accounts, the Commissioner may in his
discretion and upon application and good cause shown, extend for not
more than an additional sixty (60) days the period within which such
deficiency may be so made good and such proof thereof so filed.
D. If the Commissioner finds that the capital stock or
expendable surplus of a domestic stock insurer is impaired to an
extent of more than twenty percent (20%) of the required capital
stock or expendable surplus, or that the net surplus of a domestic
mutual insurer is impaired to an extent of more than twenty percent
(20%) of the minimum amount of surplus required of it by this code
for authority to transact the kinds of insurance being transacted,
Oklahoma Statutes - Title 36. Insurance Page 652
the insurer shall be deemed insolvent and the Commissioner shall
forthwith institute delinquency proceedings.
Status: in_force · Read it on the official government site
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