Okla. Stat. tit. 36, § 36-710
This is the official text of Okla. Stat. tit. 36, § 36-710, 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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Limit of risk
Official statutory text
A. No insurer shall retain any risk on any one subject of
insurance, whether located or to be performed in Oklahoma or
elsewhere, in an amount exceeding ten percent (10%) of its surplus
to policyholders.
B. A "subject of insurance" for the purposes of this section,
as to insurance against fire and hazards other than windstorm or
earthquake, includes all properties insured by the same insurer
which are customarily considered by underwriters to be subject to
loss or damage from the same fire or other such hazard insured
against.
C. Reinsurance authorized by Section 711 of this article shall
be deducted in determining risk retained. As to surety risks,
deduction shall also be made of the amount assumed by any
established incorporated cosurety and the value of any security
deposited, pledged, or held subject to the surety's consent and for
the surety's protection.
D. "Surplus to policyholders" for the purpose of this section
shall be deemed to include any voluntary reserves which are not
required pursuant to law, and shall be determined from the last
sworn statement of the insurer on file with the Insurance
Commissioner or by the last report of examination by the Insurance
Commissioner, whichever is the more recent at time of assumption of
such risk.
E. As to alien insurers, other than life insurers domiciled in
Canada, this section shall relate only to risks and surplus to
policyholders of the insurer's United States branch.
F. This section shall not apply to group life or group or
blanket accident and health insurance, title insurance, insurance of
ocean marine risks or maine protection and indemnity risks, workers'
compensation insurance, employers' liability coverages, nor to any
policy or type of coverage as to which the maximum possible loss to
the insurer is not readily ascertainable on issuance of the policy.
insurance, whether located or to be performed in Oklahoma or
elsewhere, in an amount exceeding ten percent (10%) of its surplus
to policyholders.
B. A "subject of insurance" for the purposes of this section,
as to insurance against fire and hazards other than windstorm or
earthquake, includes all properties insured by the same insurer
which are customarily considered by underwriters to be subject to
loss or damage from the same fire or other such hazard insured
against.
C. Reinsurance authorized by Section 711 of this article shall
be deducted in determining risk retained. As to surety risks,
deduction shall also be made of the amount assumed by any
established incorporated cosurety and the value of any security
deposited, pledged, or held subject to the surety's consent and for
the surety's protection.
D. "Surplus to policyholders" for the purpose of this section
shall be deemed to include any voluntary reserves which are not
required pursuant to law, and shall be determined from the last
sworn statement of the insurer on file with the Insurance
Commissioner or by the last report of examination by the Insurance
Commissioner, whichever is the more recent at time of assumption of
such risk.
E. As to alien insurers, other than life insurers domiciled in
Canada, this section shall relate only to risks and surplus to
policyholders of the insurer's United States branch.
F. This section shall not apply to group life or group or
blanket accident and health insurance, title insurance, insurance of
ocean marine risks or maine protection and indemnity risks, workers'
compensation insurance, employers' liability coverages, nor to any
policy or type of coverage as to which the maximum possible loss to
the insurer is not readily ascertainable on issuance of the policy.
Status: in_force · Read it on the official government site
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