Okla. Stat. tit. 36, § 36-610
This is the official text of Okla. Stat. tit. 36, § 36-610, 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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Capital funds or minimum surplus required
Official statutory text
A. To qualify for authority to incorporate an insurance company
or to transact any one or more kinds of insurance an insurer shall
possess and maintain, after the effective date of this act, surplus
in regard to policyholders, which is defined as the aggregate of the
capital and surplus, in an amount not less than One Million Five
Hundred Thousand Dollars ($1,500,000.00).
B. Any domestic insurer lawfully authorized to transact the
business of insurance in Oklahoma immediately prior to the effective
date of this act shall not be required to increase its capital or
surplus to meet increased requirements of this act, provided,
however, that in no event shall such insurer reduce its capital or
surplus below the figure required of such insurer on October 31,
2002.
C. Wherever the language paid-in capital, capital, capital
stock or a similar term (if a stock company) or surplus, expendable
surplus or a similar term (if a mutual or reciprocal insurer) is
used elsewhere in this code, the term surplus in regard to
policyholders may be used interchangeably when applicable.
or to transact any one or more kinds of insurance an insurer shall
possess and maintain, after the effective date of this act, surplus
in regard to policyholders, which is defined as the aggregate of the
capital and surplus, in an amount not less than One Million Five
Hundred Thousand Dollars ($1,500,000.00).
B. Any domestic insurer lawfully authorized to transact the
business of insurance in Oklahoma immediately prior to the effective
date of this act shall not be required to increase its capital or
surplus to meet increased requirements of this act, provided,
however, that in no event shall such insurer reduce its capital or
surplus below the figure required of such insurer on October 31,
2002.
C. Wherever the language paid-in capital, capital, capital
stock or a similar term (if a stock company) or surplus, expendable
surplus or a similar term (if a mutual or reciprocal insurer) is
used elsewhere in this code, the term surplus in regard to
policyholders may be used interchangeably when applicable.
Status: in_force · Read it on the official government site
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