Okla. Stat. tit. 36, § 36-2110: Formation of mutuals; trust deposit of premiums; issuance

of policies.

A. All sums collected by a domestic mutual corporation as

premiums and fees on qualifying applications for insurance therein

shall be deposited in trust in an Oklahoma bank or trust company

under a written agreement consistent with this section and with

paragraph 3 of subsection C of Section 2109 of this article. The

corporation shall file an executed copy of such trust agreement with

the Commissioner.

B. Upon issuance to the corporation of a certificate of

authority as an insurer for the kind of insurance for which such

applications were solicited, all funds so held in trust shall become

the funds of the insurer, and the insurer shall forthwith issue and

deliver its policies for which premiums had been paid and accepted.

The insurance provided by such policies shall be effective as of the

date of the certificate of authority.