Okla. Stat. tit. 36, § 36-2135
This is the official text of Okla. Stat. tit. 36, § 36-2135, 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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Mutual member's share of assets on liquidation
Official statutory text
A. Upon any liquidation of a domestic mutual insurer, its
assets remaining after discharge of its indebtedness, policy
obligations, repayment of contributed or borrowed surplus, if any,
and expenses of administration, shall be distributed to existing
persons who were its members at any time within thirty-six (36)
months next preceding the date such liquidation was authorized or
ordered, or date of last termination of the insurer's certificate of
authority, whichever date is the earliest.
B. The distributive share of each such member shall be in the
proportion that the aggregate premiums earned by the insurer on the
policies of the member during the combined periods of his membership
bear to the aggregate of all premiums so earned on the policies of
all such members. The insurer may make a reasonable classification
of its policies so held by such members and a formula based upon
such classification for determining the equitable distributive share
of each such member. Such classification and formula shall be
subject to the approval of the Commissioner.
C. Subsections A and B above shall not apply to any mutual
which, prior to July 1, 1957, has provided for any other method of
liquidation through its articles and bylaws, and which have been
approved by the then Insurance Commissioner.
assets remaining after discharge of its indebtedness, policy
obligations, repayment of contributed or borrowed surplus, if any,
and expenses of administration, shall be distributed to existing
persons who were its members at any time within thirty-six (36)
months next preceding the date such liquidation was authorized or
ordered, or date of last termination of the insurer's certificate of
authority, whichever date is the earliest.
B. The distributive share of each such member shall be in the
proportion that the aggregate premiums earned by the insurer on the
policies of the member during the combined periods of his membership
bear to the aggregate of all premiums so earned on the policies of
all such members. The insurer may make a reasonable classification
of its policies so held by such members and a formula based upon
such classification for determining the equitable distributive share
of each such member. Such classification and formula shall be
subject to the approval of the Commissioner.
C. Subsections A and B above shall not apply to any mutual
which, prior to July 1, 1957, has provided for any other method of
liquidation through its articles and bylaws, and which have been
approved by the then Insurance Commissioner.
Status: in_force · Read it on the official government site
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