Okla. Stat. tit. 36, § 36-2604
This is the official text of Okla. Stat. tit. 36, § 36-2604, 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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Deposit for protection of members
Official statutory text
A. Corporations governed by this article shall at all times
have on deposit with the Insurance Commissioner sums as follows:
1. If newly formed under this article, the sum of Fifteen
Thousand Dollars ($15,000.00); or
2. If formed under prior law, such sum as was so required under
such prior law.
Every such corporation shall deposit with the Commissioner, not
later than the first day of each February, an amount equal to two
percent (2%) of the gross subscriptions collected during the
preceding calendar year, until the deposit of such corporation
reaches a total of Twenty-five Thousand Dollars ($25,000.00). All
such deposits shall be held by the Commissioner in trust for the
benefit and protection of the subscribers of the corporation making
the deposit.
B. The deposit prescribed by this section shall be subject to
withdrawal in whole or in part on the order of and as directed by
Oklahoma Statutes - Title 36. Insurance Page 684
the Insurance Commissioner, but may, with the approval of the
Commissioner, be invested in bonds of the United States or of the
State of Oklahoma, or any political subdivision thereof, or state
warrants, which shall be assigned to the Commissioner and held by
the Commissioner as provided for original deposits. The securities
may, with the approval of the Commissioner, be exchanged for similar
securities or cash of equal amount. Interest on securities so
deposited shall be payable to the corporation depositing the same.
C. An unsettled final judgment, arising upon a certificate of
participation against such a corporation, shall be a lien on the
deposit prescribed by this section, subject to execution after
thirty (30) days from the entry of final judgment. If the deposit
is reduced thereby, it shall be replenished within ninety (90) days.
D. Upon the liquidation or dissolution of such corporation and
the satisfaction of all its liabilities, any balance remaining in
the deposit in the hands of the Commissioner and any other assets of
the insurer shall be distributed to the holders of certificates of
participation in good standing at the time proceedings for the
liquidation or dissolution of the corporation were commenced,
prorated according to the gross amount of subscriptions which have
been paid on such certificates up to the time such proceedings were
commenced.
have on deposit with the Insurance Commissioner sums as follows:
1. If newly formed under this article, the sum of Fifteen
Thousand Dollars ($15,000.00); or
2. If formed under prior law, such sum as was so required under
such prior law.
Every such corporation shall deposit with the Commissioner, not
later than the first day of each February, an amount equal to two
percent (2%) of the gross subscriptions collected during the
preceding calendar year, until the deposit of such corporation
reaches a total of Twenty-five Thousand Dollars ($25,000.00). All
such deposits shall be held by the Commissioner in trust for the
benefit and protection of the subscribers of the corporation making
the deposit.
B. The deposit prescribed by this section shall be subject to
withdrawal in whole or in part on the order of and as directed by
Oklahoma Statutes - Title 36. Insurance Page 684
the Insurance Commissioner, but may, with the approval of the
Commissioner, be invested in bonds of the United States or of the
State of Oklahoma, or any political subdivision thereof, or state
warrants, which shall be assigned to the Commissioner and held by
the Commissioner as provided for original deposits. The securities
may, with the approval of the Commissioner, be exchanged for similar
securities or cash of equal amount. Interest on securities so
deposited shall be payable to the corporation depositing the same.
C. An unsettled final judgment, arising upon a certificate of
participation against such a corporation, shall be a lien on the
deposit prescribed by this section, subject to execution after
thirty (30) days from the entry of final judgment. If the deposit
is reduced thereby, it shall be replenished within ninety (90) days.
D. Upon the liquidation or dissolution of such corporation and
the satisfaction of all its liabilities, any balance remaining in
the deposit in the hands of the Commissioner and any other assets of
the insurer shall be distributed to the holders of certificates of
participation in good standing at the time proceedings for the
liquidation or dissolution of the corporation were commenced,
prorated according to the gross amount of subscriptions which have
been paid on such certificates up to the time such proceedings were
commenced.
Status: in_force · Read it on the official government site
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