Okla. Stat. tit. 36, § 36-2926
This is the official text of Okla. Stat. tit. 36, § 36-2926, 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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Nonassessable policies
Official statutory text
A. If a reciprocal insurer has a surplus of assets over all
liabilities at least equal to the minimum capital stock generally
required of a domestic stock insurer authorized to transact like
kinds of insurance, upon application of the attorney and as approved
by the subscribers' advisory committee the Insurance Commissioner
shall issue his certificate authorizing the insurer to extinguish
the contingent liability of subscribers under its policies then in
force in this state, and to omit provisions imposing contingent
liability in all policies delivered or issued for delivery in this
state for so long as all such surplus remains unimpaired.
B. Upon impairment of such surplus, the Insurance Commissioner
shall forthwith revoke the certificate. Such revocation shall not
render subject to contingent liability any policy then in force and
for the remainder of the period for which the premium has
theretofore been paid; but after such revocation no policy shall be
issued or renewed without providing for contingent assessment
liability of the subscriber.
C. No insured member or subscriber of a domestic reciprocal
insurer shall be liable for assessments on policies issued by such
insurer. No policies shall be issued or renewed by a domestic
reciprocal insurer which contain provisions for contingent or
assessment liability of an insured, member or subscriber. Except,
that if required by the laws of another state in which the insurer
is transacting insurance as an authorized insurer, the insurer may
issue policies providing for the contingent liability of such of its
subscribers as may require such policies in such state, and need not
extinguish the contingent liability applicable to policies
theretofore in force in such state.
liabilities at least equal to the minimum capital stock generally
required of a domestic stock insurer authorized to transact like
kinds of insurance, upon application of the attorney and as approved
by the subscribers' advisory committee the Insurance Commissioner
shall issue his certificate authorizing the insurer to extinguish
the contingent liability of subscribers under its policies then in
force in this state, and to omit provisions imposing contingent
liability in all policies delivered or issued for delivery in this
state for so long as all such surplus remains unimpaired.
B. Upon impairment of such surplus, the Insurance Commissioner
shall forthwith revoke the certificate. Such revocation shall not
render subject to contingent liability any policy then in force and
for the remainder of the period for which the premium has
theretofore been paid; but after such revocation no policy shall be
issued or renewed without providing for contingent assessment
liability of the subscriber.
C. No insured member or subscriber of a domestic reciprocal
insurer shall be liable for assessments on policies issued by such
insurer. No policies shall be issued or renewed by a domestic
reciprocal insurer which contain provisions for contingent or
assessment liability of an insured, member or subscriber. Except,
that if required by the laws of another state in which the insurer
is transacting insurance as an authorized insurer, the insurer may
issue policies providing for the contingent liability of such of its
subscribers as may require such policies in such state, and need not
extinguish the contingent liability applicable to policies
theretofore in force in such state.
Status: in_force · Read it on the official government site
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