Okla. Stat. tit. 36, § 36-2930
This is the official text of Okla. Stat. tit. 36, § 36-2930, 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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Impaired reciprocals
Official statutory text
A. If the assets of a reciprocal insurer are at any time
insufficient to discharge its liabilities, other than any liability
on account of funds contributed by the attorney or others and to
maintain the required surplus, its attorney shall forthwith make up
the deficiency or levy an assessment upon the subscribers for the
amount needed to make up the deficiency; but subject to the
limitations set forth in the power of attorney or policy.
B. If the attorney fails to make up such deficiency or to make
the assessment within thirty (30) days after the Insurance
Commissioner orders him to do so, or if the deficiency is not fully
made up within sixty (60) days after the date the assessment was
Oklahoma Statutes - Title 36. Insurance Page 750
made, the insurer shall be deemed insolvent and shall be proceeded
against as authorized by this Code.
C. If liquidation of such an insurer is ordered, an assessment
shall be levied upon the subscribers for such an amount, subject to
limits as provided by this article, as the Insurance Commissioner
determines to be necessary to discharge all liabilities of the
insurer, exclusive of any funds contributed by the attorney or other
persons, but including the reasonable cost of the liquidation.
insufficient to discharge its liabilities, other than any liability
on account of funds contributed by the attorney or others and to
maintain the required surplus, its attorney shall forthwith make up
the deficiency or levy an assessment upon the subscribers for the
amount needed to make up the deficiency; but subject to the
limitations set forth in the power of attorney or policy.
B. If the attorney fails to make up such deficiency or to make
the assessment within thirty (30) days after the Insurance
Commissioner orders him to do so, or if the deficiency is not fully
made up within sixty (60) days after the date the assessment was
Oklahoma Statutes - Title 36. Insurance Page 750
made, the insurer shall be deemed insolvent and shall be proceeded
against as authorized by this Code.
C. If liquidation of such an insurer is ordered, an assessment
shall be levied upon the subscribers for such an amount, subject to
limits as provided by this article, as the Insurance Commissioner
determines to be necessary to discharge all liabilities of the
insurer, exclusive of any funds contributed by the attorney or other
persons, but including the reasonable cost of the liquidation.
Status: in_force · Read it on the official government site
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