Okla. Stat. tit. 36, § 36-1603: Qualification of securities or property as eligible

investments.

A. No security or investment (other than property or shares

acquired pursuant to Sections 1612, 1616 or 1624 of this article)

shall be eligible for acquisition unless it is interest bearing or

interest accruing or dividend or income paying, is not then in

default in any respect, and the insurer is entitled to receive for

its exclusive account and benefit the interest or income accruing

thereon. Defaults in interest or income occurring subsequent to

acquisition of an investment shall not affect allowance thereof as

an asset.

B. No security or investment shall be eligible for purchase at

a price above its market value.

C. No provision of this article shall prohibit the acquisition

by an insurer of other or additional securities or property if

received as a dividend or as a lawful distribution of assets, or if

acquired pursuant to a lawful and bona fide agreement of bulk

reinsurance, merger, or consolidation. Any investment so acquired

through bulk reinsurance, merger, or consolidation, which is not

otherwise eligible under this article, shall be disposed of pursuant

to Section 1625 of this article.