Okla. Stat. tit. 36, § 36-2713.1
This is the official text of Okla. Stat. tit. 36, § 36-2713.1, 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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Reinsurance
Official statutory text
A. A domestic society may, by a reinsurance agreement, cede any
individual risk or risks in whole or in part to an insurer, other
than another fraternal benefit society, having the power to make
such reinsurance and authorized to do business in this state, or if
not so authorized, one which is approved by the Insurance
Commissioner; provided, no such society may reinsure substantially
all of its insurance in force without the written permission of the
Commissioner. It may take credit for the reserves on such ceded
risks to the extent reinsured, but no credit shall be allowed as an
admitted asset or as a deduction from liability, to a ceding society
for reinsurance made, ceded, renewed, or otherwise becoming
effective after the effective date of this act, unless the
Oklahoma Statutes - Title 36. Insurance Page 720
reinsurance is payable by the assuming insured on the basis of the
liability of the ceding society under the contract or contracts
reinsured without diminution because of the insolvency of the ceding
society.
B. Notwithstanding the limitation in subsection A of this
section, a society may reinsure the risks of another society in a
consolidation or merger approved by the Commissioner under Section
14 of this act.
individual risk or risks in whole or in part to an insurer, other
than another fraternal benefit society, having the power to make
such reinsurance and authorized to do business in this state, or if
not so authorized, one which is approved by the Insurance
Commissioner; provided, no such society may reinsure substantially
all of its insurance in force without the written permission of the
Commissioner. It may take credit for the reserves on such ceded
risks to the extent reinsured, but no credit shall be allowed as an
admitted asset or as a deduction from liability, to a ceding society
for reinsurance made, ceded, renewed, or otherwise becoming
effective after the effective date of this act, unless the
Oklahoma Statutes - Title 36. Insurance Page 720
reinsurance is payable by the assuming insured on the basis of the
liability of the ceding society under the contract or contracts
reinsured without diminution because of the insolvency of the ceding
society.
B. Notwithstanding the limitation in subsection A of this
section, a society may reinsure the risks of another society in a
consolidation or merger approved by the Commissioner under Section
14 of this act.
Status: in_force · Read it on the official government site
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