Okla. Stat. tit. 36, § 36-625
This is the official text of Okla. Stat. tit. 36, § 36-625, 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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Credit against tax by investment in Oklahoma securities
Official statutory text
A. If the annual statement of any insurance company or other
entity taxed pursuant to the provisions of Section 624 of this title
covering the period of time from January 1, 1988 through June 30,
1988, shows it to have investments at the close of said period of
time in Oklahoma securities, as hereinafter defined, of as much as
two percent (2%) but less than twelve percent (12%) of its admitted
assets, it will be entitled to a credit on the premium tax levied on
premiums collected during said period of time by paragraph 2 of
Section 624 of this article so as to reduce the same to a tax of two
and three-fourths percent (2 3/4%); if said investments are as much
as twelve percent (12%) but less than fourteen percent (14%) of said
assets its annual premium tax shall be reduced to a tax of two and
one-half percent (2 1/2%); if said investments are as much as
fourteen percent (14%) but less than sixteen percent (16%) of said
assets its annual premium tax shall be reduced to a tax of two and
one-fourth percent (2 1/4%); if said investments are as much as
sixteen percent (16%) but less than eighteen percent (18%) of said
assets its annual premium tax shall be reduced to a tax of two
percent (2%); if said investments are as much as eighteen percent
(18%) but less than twenty percent (20%) of said assets its annual
premium tax shall be reduced to a tax of one and three-fourths
percent (1 3/4%); if said investments are as much as twenty percent
(20%) but less than twenty-two percent (22%) of said assets its
annual premium tax shall be reduced to a tax of one and one-half
percent (1 1/2%); if said investments are as much as twenty-two
percent (22%) but less than twenty-four percent (24%) of said assets
its annual premium tax shall be reduced to a tax of one and one-
fourth percent (1 1/4%); if said investments are as much as twenty-
four percent (24%) but less than twenty-six percent (26%) of said
assets its annual premium tax shall be reduced to a tax of one
percent (1%); if said investments are as much as twenty-six percent
(26%) percent but less than twenty-eight percent (28%) of said
assets its annual premium tax shall be reduced to a tax of three-
fourths of one percent (3/4 of 1%); if said investments are as much
as twenty-eight percent (28%) but less than thirty percent (30%) of
Oklahoma Statutes - Title 36. Insurance Page 144
said assets its annual premium tax shall be reduced to a tax of one-
half of one percent (1/2 of 1%); if said investments are as much as
thirty percent (30%) of said assets its annual premium tax shall be
reduced to no percent (0%).
B. If the annual statement of any insurance company or other
entity taxed pursuant to the provisions of Section 624 of this title
covering calendar year 1988 shows it to have investments in Oklahoma
securities, as hereinafter defined, for the period of time beginning
July 1, 1988 through December 31, 1988, of as much as two percent
(2%) but less than twelve percent (12%) of its admitted assets, it
will be entitled to a credit on the premium tax levied by paragraph
2 of Section 624 of this article so as to reduce the same to a tax
of two and three-fourths percent (2 3/4%); if said investments are
as much as twelve percent (12%) but less than fourteen percent (14%)
of said assets its annual premium tax shall be reduced to a tax of
two and one-half percent (2 1/2%); if said investments are as much
as fourteen percent (14%) but less than sixteen percent (16%) of
said assets its annual premium tax shall be reduced to a tax of two
and one-fourth percent (2 1/4%); if said investments are as much as
sixteen percent (16%) but less than eighteen percent (18%) of said
assets its annual premium tax shall be reduced to a tax of two
percent (2%); if said investments are as much as eighteen percent
(18%) but less than twenty percent (20%) of said assets its annual
premium tax shall be reduced to a tax of one and three-fourths
and one-fourth percent (2 1/4%); if said investments are as much as
sixteen percent (16%) but less than eighteen percent (18%) of said
assets its annual premium tax shall be reduced to a tax of two
percent (2%); if said investments are as much as eighteen percent
(18%) but less than twenty percent (20%) of said assets its annual
premium tax shall be reduced to a tax of one and three-fourths
percent (1 3/4%); if said investments are as much as twenty percent
(20%) but less than twenty-two percent (22%) of said assets its
annual premium tax shall be reduced to a tax of one and one-half
percent (1 1/2%); if said investments are as much as twenty-two
percent (22%) but less than twenty-four percent (24%) of said assets
its annual premium tax shall be reduced to a tax of one and one-
fourth percent (1 1/4%); if said investments are as much as twenty-
four percent (24%) of said assets its annual premium tax shall be
reduced to a tax of one percent (1%). The credits authorized by
this subsection and the credits authorized by Section 624.1 of this
title shall not reduce the premium tax rate for premiums collected
on or after July 1, 1988 through December 31, 1988, of an insurance
company or other entity subject to said tax to less than one percent
(1%).
C. Beginning with the taxes payable for calendar year 1989, the
premium tax levied by Section 624 of this title shall not be reduced
by the credits for investment of assets provided for in this
section.
D. Oklahoma securities as used in this section shall mean real
estate in this state, bonds of the State of Oklahoma, bonds or
interest-bearing warrants of any county, city, town, school district
or municipality or subdivision of the State of Oklahoma, notes or
bonds secured by mortgages or other liens on real estate located in
Oklahoma Statutes - Title 36. Insurance Page 145
the State of Oklahoma, cash deposits in regularly established
national or state banks, Federal Savings and Loan Associations,
Federal Savings Banks, or any institution insured by either the
Federal Deposit Insurance Corporation or Federal Savings and Loan
Insurance Corporation, in this state on the basis of the average
monthly deposits throughout the calendar year, policy loans secured
by the legal reserve on policies insuring residents of the State of
Oklahoma, and any other Oklahoma property or securities in which by
the laws of the State of Oklahoma such insurance companies may
invest their funds.
Provided, that if any insurance company, copartnership,
association, interinsurance exchange, person, insurer, nonprofit
hospital service and medical indemnity corporation, or health
maintenance organization secures such a credit prior to such a
holding, it shall, within ninety (90) days after the mailing thereto
by the Insurance Commissioner of a registered notice of said holding
and the amount of said credit, pay said amount to the Insurance
Commissioner, and if it fails to do so it shall be the duty of the
Attorney General to institute proceedings in the name of the State
of Oklahoma on the relation of the Insurance Commissioner in a court
of competent jurisdiction to collect said amount.
entity taxed pursuant to the provisions of Section 624 of this title
covering the period of time from January 1, 1988 through June 30,
1988, shows it to have investments at the close of said period of
time in Oklahoma securities, as hereinafter defined, of as much as
two percent (2%) but less than twelve percent (12%) of its admitted
assets, it will be entitled to a credit on the premium tax levied on
premiums collected during said period of time by paragraph 2 of
Section 624 of this article so as to reduce the same to a tax of two
and three-fourths percent (2 3/4%); if said investments are as much
as twelve percent (12%) but less than fourteen percent (14%) of said
assets its annual premium tax shall be reduced to a tax of two and
one-half percent (2 1/2%); if said investments are as much as
fourteen percent (14%) but less than sixteen percent (16%) of said
assets its annual premium tax shall be reduced to a tax of two and
one-fourth percent (2 1/4%); if said investments are as much as
sixteen percent (16%) but less than eighteen percent (18%) of said
assets its annual premium tax shall be reduced to a tax of two
percent (2%); if said investments are as much as eighteen percent
(18%) but less than twenty percent (20%) of said assets its annual
premium tax shall be reduced to a tax of one and three-fourths
percent (1 3/4%); if said investments are as much as twenty percent
(20%) but less than twenty-two percent (22%) of said assets its
annual premium tax shall be reduced to a tax of one and one-half
percent (1 1/2%); if said investments are as much as twenty-two
percent (22%) but less than twenty-four percent (24%) of said assets
its annual premium tax shall be reduced to a tax of one and one-
fourth percent (1 1/4%); if said investments are as much as twenty-
four percent (24%) but less than twenty-six percent (26%) of said
assets its annual premium tax shall be reduced to a tax of one
percent (1%); if said investments are as much as twenty-six percent
(26%) percent but less than twenty-eight percent (28%) of said
assets its annual premium tax shall be reduced to a tax of three-
fourths of one percent (3/4 of 1%); if said investments are as much
as twenty-eight percent (28%) but less than thirty percent (30%) of
Oklahoma Statutes - Title 36. Insurance Page 144
said assets its annual premium tax shall be reduced to a tax of one-
half of one percent (1/2 of 1%); if said investments are as much as
thirty percent (30%) of said assets its annual premium tax shall be
reduced to no percent (0%).
B. If the annual statement of any insurance company or other
entity taxed pursuant to the provisions of Section 624 of this title
covering calendar year 1988 shows it to have investments in Oklahoma
securities, as hereinafter defined, for the period of time beginning
July 1, 1988 through December 31, 1988, of as much as two percent
(2%) but less than twelve percent (12%) of its admitted assets, it
will be entitled to a credit on the premium tax levied by paragraph
2 of Section 624 of this article so as to reduce the same to a tax
of two and three-fourths percent (2 3/4%); if said investments are
as much as twelve percent (12%) but less than fourteen percent (14%)
of said assets its annual premium tax shall be reduced to a tax of
two and one-half percent (2 1/2%); if said investments are as much
as fourteen percent (14%) but less than sixteen percent (16%) of
said assets its annual premium tax shall be reduced to a tax of two
and one-fourth percent (2 1/4%); if said investments are as much as
sixteen percent (16%) but less than eighteen percent (18%) of said
assets its annual premium tax shall be reduced to a tax of two
percent (2%); if said investments are as much as eighteen percent
(18%) but less than twenty percent (20%) of said assets its annual
premium tax shall be reduced to a tax of one and three-fourths
and one-fourth percent (2 1/4%); if said investments are as much as
sixteen percent (16%) but less than eighteen percent (18%) of said
assets its annual premium tax shall be reduced to a tax of two
percent (2%); if said investments are as much as eighteen percent
(18%) but less than twenty percent (20%) of said assets its annual
premium tax shall be reduced to a tax of one and three-fourths
percent (1 3/4%); if said investments are as much as twenty percent
(20%) but less than twenty-two percent (22%) of said assets its
annual premium tax shall be reduced to a tax of one and one-half
percent (1 1/2%); if said investments are as much as twenty-two
percent (22%) but less than twenty-four percent (24%) of said assets
its annual premium tax shall be reduced to a tax of one and one-
fourth percent (1 1/4%); if said investments are as much as twenty-
four percent (24%) of said assets its annual premium tax shall be
reduced to a tax of one percent (1%). The credits authorized by
this subsection and the credits authorized by Section 624.1 of this
title shall not reduce the premium tax rate for premiums collected
on or after July 1, 1988 through December 31, 1988, of an insurance
company or other entity subject to said tax to less than one percent
(1%).
C. Beginning with the taxes payable for calendar year 1989, the
premium tax levied by Section 624 of this title shall not be reduced
by the credits for investment of assets provided for in this
section.
D. Oklahoma securities as used in this section shall mean real
estate in this state, bonds of the State of Oklahoma, bonds or
interest-bearing warrants of any county, city, town, school district
or municipality or subdivision of the State of Oklahoma, notes or
bonds secured by mortgages or other liens on real estate located in
Oklahoma Statutes - Title 36. Insurance Page 145
the State of Oklahoma, cash deposits in regularly established
national or state banks, Federal Savings and Loan Associations,
Federal Savings Banks, or any institution insured by either the
Federal Deposit Insurance Corporation or Federal Savings and Loan
Insurance Corporation, in this state on the basis of the average
monthly deposits throughout the calendar year, policy loans secured
by the legal reserve on policies insuring residents of the State of
Oklahoma, and any other Oklahoma property or securities in which by
the laws of the State of Oklahoma such insurance companies may
invest their funds.
Provided, that if any insurance company, copartnership,
association, interinsurance exchange, person, insurer, nonprofit
hospital service and medical indemnity corporation, or health
maintenance organization secures such a credit prior to such a
holding, it shall, within ninety (90) days after the mailing thereto
by the Insurance Commissioner of a registered notice of said holding
and the amount of said credit, pay said amount to the Insurance
Commissioner, and if it fails to do so it shall be the duty of the
Attorney General to institute proceedings in the name of the State
of Oklahoma on the relation of the Insurance Commissioner in a court
of competent jurisdiction to collect said amount.
Status: in_force · Read it on the official government site
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