Okla. Stat. tit. 36, § 36-2654
This is the official text of Okla. Stat. tit. 36, § 36-2654, 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 the sum of Five
Thousand Dollars ($5,000.00).
Every such corporation shall deposit with the Commissioner, not
later than each February 1, 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 Ten
Thousand Dollars ($10,000.00). 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
the 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.
Oklahoma Statutes - Title 36. Insurance Page 696
have on deposit with the Insurance Commissioner the sum of Five
Thousand Dollars ($5,000.00).
Every such corporation shall deposit with the Commissioner, not
later than each February 1, 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 Ten
Thousand Dollars ($10,000.00). 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
the 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.
Oklahoma Statutes - Title 36. Insurance Page 696
Status: in_force · Read it on the official government site
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