Okla. Stat. tit. 36, § 36-2674
This is the official text of Okla. Stat. tit. 36, § 36-2674, 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 subscribers
Official statutory text
A. Each corporation governed by this Article shall at all times
have on deposit with the Insurance Commissioner the sum of Fifteen
Thousand Dollars ($15,000.00). In addition 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 Twenty-five Thousand Dollars
($25,000.00). All such deposits shall be held by the Commissioner
Oklahoma Statutes - Title 36. Insurance Page 701
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 and may 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 in the manner directed by the
directors of the dental service corporation.
have on deposit with the Insurance Commissioner the sum of Fifteen
Thousand Dollars ($15,000.00). In addition 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 Twenty-five Thousand Dollars
($25,000.00). All such deposits shall be held by the Commissioner
Oklahoma Statutes - Title 36. Insurance Page 701
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 and may 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 in the manner directed by the
directors of the dental service corporation.
Status: in_force · Read it on the official government site
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