Okla. Stat. tit. 36, § 36-2205
This is the official text of Okla. Stat. tit. 36, § 36-2205, 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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Trust instrument – Mandatory provisions
Official statutory text
In addition to the requirements of Section 60 of this act, the
trust instrument shall provide:
1. That there shall be a minimum period during which any
insured must participate in the trust;
2. That all insureds shall execute a participation agreement;
3. That the trustee shall be an individual or an institution
such as a bank, insurance company or other appropriate entity;
4. A preliminary assessment of all insureds for initial
expenses necessary to commence operation;
5. For establishment of necessary facilities;
6. Details of the management of the trust;
7. Procedures for assessment of all insureds to defray losses
and expenses;
8. Description of commission arrangements;
9. Description of reasonable and objective underwriting
standards;
10. Procedures for and description of acceptance and cession of
reinsurance;
11. Procedures for and descriptions of appointment of servicing
carriers or other servicing arrangements; and
12. Procedures for determining amounts of insurance to be
provided by the trust.
trust instrument shall provide:
1. That there shall be a minimum period during which any
insured must participate in the trust;
2. That all insureds shall execute a participation agreement;
3. That the trustee shall be an individual or an institution
such as a bank, insurance company or other appropriate entity;
4. A preliminary assessment of all insureds for initial
expenses necessary to commence operation;
5. For establishment of necessary facilities;
6. Details of the management of the trust;
7. Procedures for assessment of all insureds to defray losses
and expenses;
8. Description of commission arrangements;
9. Description of reasonable and objective underwriting
standards;
10. Procedures for and description of acceptance and cession of
reinsurance;
11. Procedures for and descriptions of appointment of servicing
carriers or other servicing arrangements; and
12. Procedures for determining amounts of insurance to be
provided by the trust.
Status: in_force · Read it on the official government site
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