{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-1510","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-1510","heading":"Definitions - Valuation law - Life - Exemption -","body":"Conflict.\n\nA. Definitions. For the purposes of this section the following\n\ndefinitions shall apply on or after the operative date of the\n\nvaluation manual:\n\n1. \"Accident and health insurance\" means contracts that\n\nincorporate morbidity risk and provide protection against economic\n\nloss resulting from accident, sickness, or medical conditions and as\n\nmay be specified in the valuation manual;\n\n2. \"Company\" means an entity which:\n\n(a) has written, issued, or reinsured life insurance\n\ncontracts, accident and health insurance contracts, or\n\ndeposit-type contracts in this state and has at least\n\none such policy in force or on claim, or\n\n(b) has written, issued, or reinsured life insurance\n\ncontracts, accident and health insurance contracts, or\n\ndeposit-type contracts in any state and is required to\n\nhold a certificate of authority to write life\n\ninsurance, accident and health insurance, or deposit-\n\ntype contracts in this state;\n\n3. \"Deposit-type contract\" means contracts that do not\n\nincorporate mortality or morbidity risks and as may be specified in\n\nthe valuation manual;\n\n4. \"Life insurance\" means contracts that incorporate mortality\n\nrisk, including annuity and pure endowment contracts, and as may be\n\nspecified in the valuation manual;\n\n5. \"NAIC\" means the National Association of Insurance\n\nCommissioners;\n\n6. \"Policyholder behavior\" means any action a policyholder,\n\ncontract holder or any other person with the right to elect options,\n\nsuch as a certificate holder, may take under a policy or contract\n\nsubject to this section, including, but not limited to, lapse,\n\nwithdrawal, transfer, deposit, premium payment, loan, annuitization,\n\nor benefit elections prescribed by the policy or contract but\n\nexcluding events of mortality or morbidity that result in benefits\n\nprescribed in their essential aspects by the terms of the policy or\n\ncontract;\n\n7. \"Principle-based valuation\" means a reserve valuation that\n\nuses one or more methods or one or more assumptions determined by\n\nthe insurer and is required to comply with subsection Q of this\n\nsection as specified in the valuation manual;\n\n8. \"Tail risk\" means a risk that occurs either where the\n\nfrequency of low probability events is higher than expected under a\n\nnormal probability distribution or where there are observed events\n\nof very significant size or magnitude; and\n\n9. \"Valuation manual\" means the manual of valuation\n\ninstructions adopted by the NAIC as specified in this section or as\n\nsubsequently amended.\n\nB. Reserve Valuation.\n\n1. Policies and Contracts Issued Prior to the Operative Date of\n\nthe Valuation Manual.\n\n(a) The Insurance Commissioner shall annually make\n\ncalculations of all outstanding policies, additions\n\nthereto, unpaid dividends, annuity and pure endowment\n\ncontracts and all other obligations of every life\n\ninsurance corporation doing business in this state\n\nissued prior to the operative date of the valuation\n\nmanual. In lieu of the valuation of the reserves\n\nrequired of a foreign or alien company, the Insurance\n\nCommissioner may accept a valuation made, or caused to\n\nbe made, by the insurance supervisory official of any\n\nstate or other jurisdiction when the valuation\n\ncomplies with the minimum standard provided in this\n\nsection.\n\n(b) The provisions set forth in subsections C, D, E, F, G,\n\nH, J, K, L, M, N and O of this section shall apply to\n\nall policies and contracts, as appropriate, subject to\n\nthis section issued prior to the operative date of the\n\nvaluation manual and the provisions set forth in\n\nsubsections P and Q of this section shall not apply to\n\nany such policies and contracts.\n\n2. Policies and Contracts Issued On and After the Operative\n\nDate of the Valuation Manual.\nply to\n\nall policies and contracts, as appropriate, subject to\n\nthis section issued prior to the operative date of the\n\nvaluation manual and the provisions set forth in\n\nsubsections P and Q of this section shall not apply to\n\nany such policies and contracts.\n\n2. Policies and Contracts Issued On and After the Operative\n\nDate of the Valuation Manual.\n\n(a) The Insurance Commissioner shall annually make\n\ncalculations of all outstanding policies, additions\n\nthereto, unpaid dividends, annuity and pure endowment\n\ncontracts, accident and health contracts, deposit-type\n\ncontracts, and all other obligations of every company\n\ndoing business in this state issued on or after the\n\noperative date of the valuation manual. In lieu of\n\nthe valuation of the reserves required of a foreign or\n\nalien company, the Insurance Commissioner may accept a\n\nvaluation made, or caused to be made, by the insurance\n\nsupervisory official of any state or other\n\njurisdiction when the valuation complies with the\n\nminimum standard provided in this section.\n\n(b) The provisions set forth in subsections P and Q of\n\nthis section shall apply to all policies and contracts\n\nissued on or after the operative date of the valuation\n\nmanual.\n\nC. 1. Valuations made by the Insurance Commissioner shall be\n\nmade upon the net premium basis. In the case of alien insurers,\n\nsuch valuation shall be limited to its United States business. The\n\nlegal minimum standard for valuation of contracts issued before the\n\nfirst day of January, 1910, shall be the Actuaries or Combined\n\nExperience Table of Mortality, with interest at four percent (4%)\n\nper annum, and for valuation of contracts issued on or after said\n\ndate and before June 6, 1949, shall be the American Experience Table\n\nof Mortality, or the American Men Table of Mortality, with interest\n\nat three and one-half percent (3 1/2%) per annum. Except as\n\notherwise provided policies issued on or after the operative date of\n\nparagraph 4 of subsection I of Section 4029 of this title, policies\n\nissued on or after June 6, 1949, shall be valued, collectively as to\n\nall such policies or severally as to policies of any plan or form at\n\nthe option of the company according to the American Experience Table\n\nof Mortality, the American Men Table of Mortality, the Commissioners\n\n1941 Standard Ordinary Mortality Table or on and after July 1, 1962,\n\nthe Commissioners 1958 Standard Ordinary Mortality Table for\n\npolicies of ordinary insurance, and the Standard Industrial\n\nMortality Table (1907), or the 1941 Standard Industrial Mortality\n\nTable or the Commissioners 1961 Standard Industrial Mortality Table\n\nfor policies of industrial insurance, with interest at not more than\n\nthree and one-half percent (3 1/2%) per annum, or four percent (4%)\n\nper annum in the case of policies issued on or after April 11, 1974,\n\nand prior to March 17, 1978, and four and one-half percent (4 1/2%)\n\nper annum for policies issued on or after March 17, 1978; provided,\n\nhowever, that policies issued to substandard risks or other special\n\nclasses may be valued according to such other mortality tables, with\n\ninterest at not more than three and one-half percent (3 1/2%) per\n\nannum, or four percent (4%) per annum in the case of policies issued\n\non or after April 11, 1974, and prior to March 17, 1978, and four\n\nand one-half percent (4 1/2%) per annum for policies issued on or\n\nafter March 17, 1978, as may be approved by the Insurance\n\nCommissioner.\n\n2. For individual annuity and pure endowment contracts,\n\nexcluding any disability and accidental death benefits in such\n\npolicies, the 1937 Standard Annuity Mortality Table, or, at the\n\noption of the company, the Annuity Mortality Table for 1949,\n\nUltimate, or any modification of either of these tables approved by\n\nthe Commissioner.\n\n3. For group annuity and pure endowment contracts, excluding\nr.\n\n2. For individual annuity and pure endowment contracts,\n\nexcluding any disability and accidental death benefits in such\n\npolicies, the 1937 Standard Annuity Mortality Table, or, at the\n\noption of the company, the Annuity Mortality Table for 1949,\n\nUltimate, or any modification of either of these tables approved by\n\nthe Commissioner.\n\n3. For group annuity and pure endowment contracts, excluding\n\nany disability and accidental death benefits in such policies, the\n\nGroup Annuity Mortality Table for 1951, any modification of such\n\ntable approved by the Commissioner, or, at the option of the\n\ncompany, any of the tables or modifications of tables specified for\n\nindividual annuity and pure endowment contracts.\n\n4. The mortality table used in determining the minimum standard\n\nfor the valuation of ordinary life insurance policies issued on or\n\nafter the operative date of paragraph 4 of subsection I of Section\n\n4029 of this title shall be (i) the Commissioners 1980 Standard\n\nOrdinary Mortality Table, or (ii) at the election of the company for\n\nany one or more specified plans of life insurance, the Commissioners\n\n1980 Standard Ordinary Mortality Table with Ten-Year Select\n\nMortality Factors, or (iii) any ordinary mortality table, adopted\n\nafter 1980 by the NAIC, that is approved by regulation promulgated\n\nby the Commissioner for use in determining the minimum standard of\n\nvaluation for such policies.\n\n5. Except as provided in subsection D of this section, the\n\nminimum standard of valuation for individual annuity and pure\n\nendowment contracts issued on or after the operative date of this\n\nsection and for annuities and pure endowments purchased on or after\n\nsuch operative date under group annuity and pure endowment contracts\n\nshall be the Commissioner's reserve valuation methods defined in\n\nsubsections G and H of this section and the following tables and\n\ninterest rates:\n\n(a) For individual annuity and pure endowment contracts\n\nissued prior to August 29, 1977, excluding any\n\ndisability and accidental death benefit in such\n\ncontracts, the 1971 Individual Annuity Mortality\n\nTable, or any modification of this table approved by\n\nthe Commissioner, and six percent (6%) interest for\n\nsingle premium immediate annuity contracts, and four\n\npercent (4%) interest for all other individual annuity\n\nand pure endowment contracts,\n\n(b) For individual single premium immediate annuity\n\ncontracts issued on or after August 29, 1977,\n\nexcluding any disability and accidental death benefits\n\nin such contracts, the 1971 Individual Annuity\n\nMortality Table or any individual annuity mortality\n\ntable adopted after 1980 by the NAIC that is approved\n\nby regulation promulgated by the Commissioner for use\n\nin determining the minimum standard of valuation for\n\nsuch contracts, or any modification of these tables\n\napproved by the Commissioner, and seven and one-half\n\npercent (7 1/2%) interest,\n\n(c) For individual annuity and pure endowment contracts\n\nissued on or after August 29, 1977, other than single\n\npremium immediate annuity contracts, excluding any\n\ndisability and accidental death benefits in such\n\ncontracts, the 1971 Individual Annuity Mortality Table\n\nor any individual annuity mortality table adopted\n\nafter 1980 by the NAIC that is approved by regulation\n\npromulgated by the Commissioner for use in determining\n\nthe minimum standard of valuation for such contracts,\n\nor any modification of these tables approved by the\n\nCommissioner, and five and one-half percent (5 1/2%)\n\ninterest for single premium deferred annuity and pure\n\nendowment contracts and four and one-half percent (4\n\n1/2%) interest for all other such individual annuity\n\nand pure endowment contracts,\nd by the Commissioner for use in determining\n\nthe minimum standard of valuation for such contracts,\n\nor any modification of these tables approved by the\n\nCommissioner, and five and one-half percent (5 1/2%)\n\ninterest for single premium deferred annuity and pure\n\nendowment contracts and four and one-half percent (4\n\n1/2%) interest for all other such individual annuity\n\nand pure endowment contracts,\n\n(d) For all annuities and pure endowments purchased prior\n\nto August 29, 1977, under group annuity and pure\n\nendowment contracts, excluding any disability and\n\naccidental death benefits purchased under such\n\ncontracts, the 1971 Group Annuity Mortality Table, or\n\nany modification of this table approved by the\n\nCommissioner, and six percent (6%) interest, and\n\n(e) For all annuities and pure endowments purchased on or\n\nafter August 29, 1977, under group annuity and pure\n\nendowment contracts, excluding any disability and\n\naccidental death benefits purchased under such\n\ncontracts, the 1971 Group Annuity Mortality Table or\n\nany group annuity mortality table adopted after 1980\n\nby the NAIC that is approved by regulation promulgated\n\nby the Commissioner for use in determining the minimum\n\nstandard of valuation for such annuities and pure\n\nendowments, or any modification of these tables\n\napproved by the Commissioner, and seven and one-half\n\npercent (7 1/2%) interest.\n\nAfter June 14, 1973, any company may file with the Commissioner\n\na written notice of its election to comply with the provisions of\n\nthis section after a specified date before January 1, 1985, which\n\nshall be the operative date of this section for such company,\n\nprovided, a company may elect a different operative date for\n\nindividual annuity and pure endowment contracts from that elected\n\nfor group annuity and pure endowment contracts. If a company makes\n\nno such election, the operative date of this section for such\n\ncompany shall be January 1, 1985.\n\nD. 1. The interest rates used in determining the minimum\n\nstandard for the valuation of all life insurance policies issued in\n\na particular calendar year on or after the operative date of\n\nparagraph 4 of subsection I of Section 4029 of this title shall be\n\nthe calendar year statutory valuation interest rates as defined in\n\nthis section.\n\n2. The interest rates used in determining the minimum standard\n\nvaluation of individual annuity and pure endowment contracts issued\n\nin a particular calendar year on or after January 1, 1985, and\n\nannuities and pure endowments purchased in a particular calendar\n\nyear on or after January 1, 1985, under group annuity and pure\n\nendowment contracts shall be the calendar year statutory valuation\n\ninterest rates as defined in this section.\n\nE. 1. The calendar year statutory valuation interest rates, I,\n\nshall be determined as follows and the results rounded to the\n\nnearest one-fourth of one percent (1/4 of 1%):\n\n(a) For life insurance,\n\nI = .03 + W (Ra - .03) + (W/2) (Rb - .09)\n\nwhere Ra is the lesser of R and .09, Rb is the greater\n\nof R and .09, R is the reference interest rate defined\n\nin this section, and W is the weighting factor defined\n\nin this section,\n\n(b) For single premium immediate annuities and for annuity\n\nbenefits involving life contingencies arising from\n\nother annuities with cash settlement options and from\n\nguaranteed interest contracts with cash settlement\n\noptions,\n\nI = .03 + W(r - .03)\n\nwhere R 1 is the lesser of R and .09, R 2 is the\n\ngreater of R and .09, R is the reference interest rate\n\ndefined in this section, and W is the weighting factor\n\ndefined in this section,\nities and for annuity\n\nbenefits involving life contingencies arising from\n\nother annuities with cash settlement options and from\n\nguaranteed interest contracts with cash settlement\n\noptions,\n\nI = .03 + W(r - .03)\n\nwhere R 1 is the lesser of R and .09, R 2 is the\n\ngreater of R and .09, R is the reference interest rate\n\ndefined in this section, and W is the weighting factor\n\ndefined in this section,\n\n(c) For other annuities with cash settlement options and\n\nguaranteed interest contracts with cash settlement\n\noptions, valued on an issue year basis, except as\n\nstated in subparagraph (b) of this paragraph, the\n\nformula for life insurance stated in subparagraph (a)\n\nof this paragraph shall apply to annuities and\n\nguaranteed interest contracts with guarantee durations\n\nin excess of ten (10) years and the formula for single\n\npremium immediate annuities stated in subparagraph (b)\n\nof this paragraph shall apply to annuities and\n\nguaranteed interest contracts with guarantee duration\n\nof ten (10) years or less,\n\n(d) For other annuities with no cash settlement options\n\nand for guaranteed interest contracts with no cash\n\nsettlement options, the formula for single premium\n\nimmediate annuities stated in subparagraph (b) of this\n\nparagraph shall apply, and\n\n(e) For other annuities with cash settlement options and\n\nguaranteed interest contracts with cash settlement\n\noptions, valued on a change in fund basis, the formula\n\nfor single premium immediate annuities stated in\n\nsubparagraph (b) of this paragraph shall apply.\n\n2. However, if the calendar year statutory valuation interest\n\nrate for any life insurance policies issued in any calendar year\n\ndetermined without reference to this sentence differs from the\n\ncorresponding actual rate for similar policies issued in the\n\nimmediately preceding calendar year by less than one-half of one\n\npercent (1/2 of 1%), the calendar year statutory valuation interest\n\nrate for such life insurance policies shall be equal to the\n\ncorresponding actual rate for the immediately preceding calendar\n\nyear. For purposes of applying the immediately preceding sentence,\n\nthe calendar year statutory valuation interest rate for life\n\ninsurance policies issued in a calendar year shall be determined for\n\n1980, using the reference interest rate defined for 1979, and shall\n\nbe determined for each subsequent calendar year.\n\nF. 1. The weighting factors referred to in the formulas stated\n\nabove are given in the following table:\n\n(a) Weighting Factors for Life Insurance:\n\nGuarantee\n\nDuration Weighting\n\n(Years) Factors\n\n10 or less .50\n\nMore than 10, but not\n\nmore than 20 .45\n\nMore than 20 .35\n\nFor life insurance, the guarantee duration is the\n\nmaximum number of years the life insurance can remain\n\nin force on a basis guaranteed in the policy or under\n\noptions to convert to plans of life insurance with\n\npremium rates or nonforfeiture values or both which\n\nare guaranteed in the original policy.\n\n(b) Weighting factor for single premium immediate\n\nannuities and for annuity benefits involving life\n\ncontingencies arising from other annuities with cash\n\nsettlement options and guaranteed interest contracts\n\nwith cash settlement options: .80\nsurance with\n\npremium rates or nonforfeiture values or both which\n\nare guaranteed in the original policy.\n\n(b) Weighting factor for single premium immediate\n\nannuities and for annuity benefits involving life\n\ncontingencies arising from other annuities with cash\n\nsettlement options and guaranteed interest contracts\n\nwith cash settlement options: .80\n\n(c) Weighting factors for other annuities and for\n\nguaranteed interest contracts, except as stated in\n\nsubparagraph (b) of this paragraph, shall be as\n\nspecified in tables (1), (2) and (3) below, according\n\nto the rules and definitions in (4) and (5) below:\n\n(1) For annuities and guaranteed interest contracts\n\nvalued on an issue year basis:\n\nGuarantee Weighting Factor\n\nDuration for Plan Type\n\n(Years) A B C\n\n5 or less .80 .60 .50\n\nMore than 5, but not\n\nmore than 10 .75 .60 .50\n\nMore than 10, but not\n\nmore than 20 .65 .50 .45\n\nMore than 20 .45 .35 .35\n\n(2) For annuities and guaranteed interest contracts\n\nvalued on a change in fund basis, the factors\n\nshown in (1) above increased by:\n\nPlan Type\n\nA B C\n\n.15 .25 .05\n\n(3) For annuities and guaranteed interest contracts\n\nvalued on an issue year basis (other than those\n\nwith no cash settlement options) which do not\n\nguarantee interest on considerations received\n\nmore than one (1) year after issue or purchase\n\nand for annuities and guaranteed interest\n\ncontracts valued on a change in fund basis which\n\ndo not guarantee interest rates on considerations\n\nreceived more than twelve (12) months beyond the\n\nvaluation date, the factors shown in (1) or\n\nderived in (2) increased by:\n\nPlan Type\n\nA B C\n\n.05 .05 .05\n\n(4) For other annuities with cash settlement options\n\nand guaranteed interest contracts with cash\n\nsettlement options, the guarantee duration is the\n\nnumber of years for which the contract guarantees\n\ninterest rates in excess of the calendar year\n\nstatutory valuation interest rate for life\n\ninsurance policies with guarantee duration in\n\nexcess of twenty (20) years. For other annuities\n\nwith no cash settlement options and for\n\nguaranteed interest contracts with no cash\n\nsettlement options, the guarantee duration is the\n\nnumber of years from the date of issue or date of\n\npurchase to the date annuity benefits are\n\nscheduled to commence.\n\n(5) Plan type as used in the above tables is defined\n\nas follows:\n\nPlan Type A: At any time policyholder may\n\nwithdraw funds only (1) with an adjustment to\n\nreflect changes in interest rates or asset values\n\nsince receipt of the funds by the insurance\n\ncompany, or (2) without such adjustment but in\n\ninstallments over five (5) years or more, or (3)\n\nas an immediate life annuity, or (4) no\n\nwithdrawal permitted.\n\nPlan Type B: Before expiration of the interest\n\nrate guarantee, policyholder may withdraw funds\n\nonly (1) with adjustment to reflect changes in\n\ninterest rates or asset values since receipt of\n\nthe funds by the insurance company, or (2)\n\nwithout such adjustment but in installments over\n\nfive (5) years or more, or (3) no withdrawal\n\npermitted. At the end of interest rate\n\nguarantee, funds may be withdrawn without such\n\nadjustment in a single sum or installments over\n\nless than five (5) years.\n\nPlan Type C: Policyholder may withdraw funds\n\nbefore expiration of interest rate guarantee in a\n\nsingle sum or installments over less than five\nhout such adjustment but in installments over\n\nfive (5) years or more, or (3) no withdrawal\n\npermitted. At the end of interest rate\n\nguarantee, funds may be withdrawn without such\n\nadjustment in a single sum or installments over\n\nless than five (5) years.\n\nPlan Type C: Policyholder may withdraw funds\n\nbefore expiration of interest rate guarantee in a\n\nsingle sum or installments over less than five\n\n(5) years either (1) without adjustment to\n\nreflect changes in interest rates or asset values\n\nsince receipt of the funds by the insurance\n\ncompany, or (2) subject only to a fixed surrender\n\ncharge stipulated in the contract as a percentage\n\nof the fund.\n\n2. A company may elect to value guaranteed interest contracts\n\nwith cash settlement options and annuities with cash settlement\n\noptions on either an issue year basis or on a change in fund basis.\n\nGuaranteed interest contracts with no cash settlement options and\n\nother annuities with no cash settlement options shall be valued on\n\nan issue year basis. As used in this section, an issue year basis\n\nof valuation refers to a valuation basis under which the interest\n\nrate used to determine the minimum valuation standard for the entire\n\nduration of the annuity or guaranteed interest contract is the\n\ncalendar year valuation interest rate for the year of issue or year\n\nof purchase of the annuity or guaranteed interest contract, and the\n\nchange in fund basis of valuation refers to a valuation basis under\n\nwhich the interest rate used to determine the minimum valuation\n\nstandard applicable to each change in the fund held under the\n\nannuity or guaranteed interest contract is the calendar year\n\nvaluation interest rate for the year of the change in the fund.\n\nG. 1. The reference interest rate referred to above shall be\n\ndefined as follows:\n\n(a) For life insurance, the lesser of the average over a\n\nperiod of thirty-six (36) months and the average over\n\na period of twelve (12) months, ending on June 30 of\n\nthe calendar year next preceding the year of issue, of\n\nMoody's Corporate Bond Yield Average - Monthly Average\n\nCorporates, as published by Moody's Investors Service,\n\nInc.,\n\n(b) For single premium immediate annuities and for annuity\n\nbenefits involving life contingencies arising from\n\nother annuities with cash settlement options and\n\nguaranteed interest contracts with cash settlement\n\noptions, the average over a period of twelve (12)\n\nmonths, ending on June 30 of the calendar year of\n\nissue or year of purchase of the Monthly Average of\n\nthe Composite Yield on Seasoned Corporate Bonds, as\n\npublished by Moody's Investors Service, Inc.,\n\n(c) For other annuities with cash settlement options and\n\nguaranteed interest contracts with cash settlement\n\noptions, valued on an issue year basis, except as\n\nstated in subparagraph (b) of this paragraph, with\n\nguarantee duration in excess of ten (10) years, the\n\nlesser of the average over a period of thirty-six (36)\n\nmonths and the average over a period of twelve (12)\n\nmonths, ending on June 30 of the calendar year of\n\nissue or purchase, of the Monthly Average of the\n\nComposite Yield on Seasoned Corporate Bonds, as\n\npublished by Moody's Investors Service, Inc.,\n\n(d) For other annuities with cash settlement options and\n\nguaranteed interest contracts with cash settlement\n\noptions, valued on an issue year basis, except as\n\nstated in subparagraph (b) of this paragraph, with\n\nguarantee duration of ten (10) years or less, the\n\naverage over a period of twelve (12) months, ending on\n\nJune 30 of the calendar year of issue or purchase, of\n\nthe Monthly Average of the Composite Yield on Seasoned\n\nCorporate Bonds, as published by Moody's Investors\n\nService, Inc.,\n\ns, except as\n\nstated in subparagraph (b) of this paragraph, with\n\nguarantee duration of ten (10) years or less, the\n\naverage over a period of twelve (12) months, ending on\n\nJune 30 of the calendar year of issue or purchase, of\n\nthe Monthly Average of the Composite Yield on Seasoned\n\nCorporate Bonds, as published by Moody's Investors\n\nService, Inc.,\n\n(e) For other annuities with no cash settlement options\n\nand for guaranteed interest contracts with no cash\n\nsettlement options, the average over a period of\n\ntwelve (12) months, ending on June 30 of the calendar\n\nyear of issue or purchase, of the Monthly Average of\n\nthe Composite Yield on Seasoned Corporate Bonds, as\n\npublished by Moody's Investors Service, Inc., and\n\n(f) For other annuities with cash settlement options and\n\nguaranteed interest contracts with cash settlement\n\noptions, valued on a change in fund basis, except as\n\nstated in subparagraph (b) of this paragraph, the\n\naverage over a period of twelve (12) months, ending on\n\nJune 30 of the calendar year of the change in the\n\nfund, of the Monthly Average of the Composite Yield on\n\nSeasoned Corporate Bonds, as published by Moody's\n\nInvestors Service, Inc.\n\nH. In the event that the Moody's Corporate Bond Yield Average -\n\nMonthly Average Corporates is no longer published by Moody's\n\nInvestors Service, Inc., or in the event that the NAIC determines\n\nthat the Moody's Corporate Bond Yield Average - Monthly Average\n\nCorporates as published by Moody's Investors Service, Inc., is no\n\nlonger appropriate for the determination of the reference interest\n\nrate, then an alternative method for determination of the reference\n\ninterest rate, which is adopted by the NAIC and approved by\n\nregulation promulgated by the Commissioner, may be substituted.\n\nI. The Commissioner may vary the standards of interest and\n\nmortality in particular cases of invalid life and other extra\n\nhazards and value policies in groups, use approximate averages for\n\nfractions of a year and otherwise, and accept the valuation of the\n\nDepartment of Insurance of any other state or country, if made upon\n\na basis and according to standards not lower than herein required or\n\nauthorized, in place of the valuation herein required.\n\nJ. If in any contract year the gross premium charged by any\n\ncompany on any policy or contract is less than the valuation net\n\npremium for the policy or contract calculated by the method used in\n\ncomputing the reserve liability thereon but using the minimum\n\nvaluation standards of mortality and rate of interest, the minimum\n\nreserve required for such policy or contract shall be the greater of\n\neither the reserve calculated according to the mortality table, rate\n\nof interest and method actually used for such policy or contract, or\n\nthe reserve calculated by the method actually used for such policy\n\nor contract, but using the minimum valuation standards of mortality\n\nand rate of interest and replacing the valuation net premium by the\n\nactual gross premium in each contract year for which the valuation\n\nnet premium exceeds the actual gross premium. The minimum valuation\n\nstandards of mortality and rate of interest referred to in this\n\nsubsection are those standards stated in this section.\n\nProvided that for any life insurance policy issued on or after\n\nJanuary 1, 1986, for which the gross premium in the first policy\n\nyear exceeds that of the second year and for which no comparable\n\nadditional benefit is provided in the first year for such excess,\n\nand which provides an endowment benefit or a cash surrender value or\n\na combination thereof in an amount greater than such excess premium,\n\nthe foregoing provisions of this subsection shall be applied as if\n\nthe method actually used in calculating the reserve for such policy\n\nwere the method described in paragraph 2 of subsection L of this\n\nsection, ignoring subparagraph (c) of that paragraph. The minimum\nh provides an endowment benefit or a cash surrender value or\n\na combination thereof in an amount greater than such excess premium,\n\nthe foregoing provisions of this subsection shall be applied as if\n\nthe method actually used in calculating the reserve for such policy\n\nwere the method described in paragraph 2 of subsection L of this\n\nsection, ignoring subparagraph (c) of that paragraph. The minimum\n\nreserve at each policy anniversary of such a policy shall be the\n\ngreater of the minimum reserve calculated in accordance with\n\nparagraph 2 of subsection L of this section, including subparagraph\n\n(c) of that paragraph, and the minimum reserve calculated in\n\naccordance with this subsection.\n\nK. Term Insurance.\n\nPolicies issued by life insurance companies doing business in\n\nthis state may provide for not more than one (1) year preliminary\n\nterm insurance, purchased by the whole or part of the premium to be\n\nreceived during the first policy year, under the conditions\n\nprescribed in this section.\n\nL. Reserves.\n\n1. Reserves on policies of ordinary insurance which are valued\n\nin accordance with the American Experience Table of Mortality, or\n\nthe American Men Table of Mortality, and policies of industrial\n\ninsurance which are valued in accordance with the Standard\n\nIndustrial Mortality Table (1907), which are issued on or after June\n\n6, 1949, may be computed as follows: If the premium charged for\n\nterm insurance under a limited payment life preliminary term policy\n\nproviding for the payment of all premiums thereon in less than\n\ntwenty (20) years from the date of the policy or under an endowment\n\npreliminary term policy, exceeds that charged for life insurance,\n\nunder twenty-year payment life preliminary term policies of the same\n\ncompany, the reserve thereon at the end of any year, including the\n\nfirst, shall not be less than the reserve on a twenty-payment life\n\npreliminary term policy issued in the same year and at the same age,\n\ntogether with an amount which shall be equivalent to the\n\naccumulation of a net level premium sufficient to provide for a pure\n\nendowment at the end of the premium payment period equal to the\n\ndifference between the value at the end of such period of such a\n\ntwenty-payment life preliminary term policy and the full reserve at\n\nsuch time of such a limited payment life or endowment policy. The\n\npremium payment period is the period during which premiums are\n\nconcurrently payable under such twenty-payment life preliminary term\n\npolicy and such limited payment life or endowment policy. Any\n\npolicy valued in accordance with this paragraph shall specify the\n\nmortality table, rate of interest, and method used in calculating\n\nthe reserves on the policy.\n\n2. Reserves on policies of ordinary insurance which are valued\n\nin accordance with the Commissioners 1941 Standard Ordinary\n\nMortality Table, the Commissioners 1958 Standard Ordinary Mortality\n\nTable, or the Commissioners 1980 Standard Ordinary Mortality Table,\n\npolicies of industrial insurance which are valued in accordance with\n\nthe 1941 Standard Industrial Mortality Table or the Commissioners\n\n1961 Standard Industrial Mortality Table and policies valued in\n\naccordance with any substandard mortality table approved by the\n\nCommissioner pursuant to this section, issued on or after June 6,\n\n1949, may be computed in accordance with the Commissioners Reserve\n\nValuation method, defined as follows: Reserves for the life\n\ninsurance and endowment benefits of policies providing for a uniform\n\namount of insurance and requiring the payment of uniform premiums\n\nshall be the excess, if any, of the present value, at the date of\n\nvaluation, of such future guaranteed benefits provided for by such\n\npolicies, over the then present value of any future modified net\n\npremiums therefor. The modified net premiums for any such policy\n\nshall be such uniform percentage of the respective contract premiums\nount of insurance and requiring the payment of uniform premiums\n\nshall be the excess, if any, of the present value, at the date of\n\nvaluation, of such future guaranteed benefits provided for by such\n\npolicies, over the then present value of any future modified net\n\npremiums therefor. The modified net premiums for any such policy\n\nshall be such uniform percentage of the respective contract premiums\n\nfor such benefits that the present value, at the date of issue of\n\nthe policy, of all such modified net premiums shall be equal to the\n\nsum of the then present value of such benefits provided for by the\n\npolicy and the excess of subparagraph (a) over subparagraph (b) as\n\nfollows:\n\n(a) a net level annual premium equal to the present value,\n\nat the date of issue, of such benefits provided for\n\nafter the first policy year, divided by the present\n\nvalue, at the date of issue, of an annuity of one per\n\nannum payable on the first and each subsequent\n\nanniversary of such policy on which a premium falls\n\ndue; provided, however, that such level annual premium\n\nshall not exceed the net level annual premium on the\n\nnineteen-year premium whole life plan for insurance of\n\nthe same amount at the age one (1) year higher than\n\nthe age at issue of such policy,\n\n(b) a net one-year term premium for such benefits provided\n\nfor in the first policy year, and\n\n(c) provided that for any life insurance policy issued on\n\nor after January 1, 1986, for which the contract\n\npremium in the first policy year exceeds that of the\n\nsecond year and for which no comparable additional\n\nbenefit is provided in the first year for such excess\n\nand which provides an endowment benefit or a cash\n\nsurrender value or a combination thereof in an amount\n\ngreater than such excess premium, the reserve\n\naccording to the commissioners reserve valuation\n\nmethod as of any policy anniversary occurring on or\n\nbefore the assumed ending date defined herein as the\n\nfirst policy anniversary on which the sum of any\n\nendowment benefit and any cash surrender value then\n\navailable is greater than such excess premium shall,\n\nexcept as otherwise provided in subsection J of this\n\nsection, be the greater of the reserve as of such\n\npolicy anniversary calculated as described in this\n\nparagraph and the reserve as of such policy\n\nanniversary calculated as described in subparagraph\n\n(a) of this paragraph, but with (i) the value defined\n\nin subparagraph (a) of that paragraph being reduced by\n\nfifteen percent (15%) of the amount of such excess\n\nfirst-year premium, (ii) all present values of\n\nbenefits and premiums being determined without\n\nreference to premiums or benefits provided for by the\n\npolicy after the assumed ending date, (iii) the policy\n\nbeing assumed to mature on such date as an endowment,\n\nand (iv) the cash surrender value provided on such\n\ndate being considered as an endowment benefit. In\n\nmaking the above comparison, the mortality and\n\ninterest bases stated in this section shall be used.\n\nReserves for life insurance policies providing for a varying\n\namount of insurance or requiring the payment of varying premiums\n\nshall be calculated by a method consistent with the principles of\n\nparagraph 2 of this subsection, provided that any extra premiums\n\ncharged because of impairments or special hazards shall be\n\ndisregarded in the determination of modified net premiums. All\n\nmodified net premiums and present values referred to in this\n\nsection, except those based on sex-distinct mortality tables, may be\n\ncalculated according to an age not more than six (6) years younger\n\nthan the actual age of the insured in the case of any category of\n\nordinary policies issued on female risks.\n\nM. 1. Reserves on policies of any category may be computed, at\n\nthe option of the company, according to any valuation standard which\n\nproduces greater aggregate reserves than those computed according to\n\nthe minimum standard provided in this section.\nge not more than six (6) years younger\n\nthan the actual age of the insured in the case of any category of\n\nordinary policies issued on female risks.\n\nM. 1. Reserves on policies of any category may be computed, at\n\nthe option of the company, according to any valuation standard which\n\nproduces greater aggregate reserves than those computed according to\n\nthe minimum standard provided in this section.\n\n2. In the case of any plan of life insurance which provides for\n\nfuture premium determination, the amounts of which are to be\n\ndetermined by the insurance company based on then estimates of\n\nfuture experience, or in the case of any plan of life insurance or\n\nannuity which is of such a nature that the minimum reserves cannot\n\nbe determined by the methods described in subsections C, I, J, K,\n\nand N of this section, the reserves which are held under any such\n\nplan must:\n\n(a) be appropriate in relation to the benefits and the\n\npattern of premiums for that plan, and\n\n(b) be computed by a method which is consistent with the\n\nprinciples of this Standard Valuation Law,\n\nas determined by regulations promulgated by the Commissioner.\n\nN. This section shall apply to all annuity and pure endowment\n\ncontracts other than group annuity and pure endowment contracts\n\npurchased under a retirement plan or plan of deferred compensation,\n\nestablished or maintained by an employer (including a partnership or\n\nsole proprietorship) or by an employee organization, or by both,\n\nother than a plan providing individual retirement accounts or\n\nindividual retirement annuities under Section 408 of the Internal\n\nRevenue Code, as now or hereafter amended.\n\nReserves according to the Commissioners Annuity Reserve method\n\nfor benefits under annuity or pure endowment contracts, excluding\n\nany disability and accidental death benefits in such contracts,\n\nshall be the greatest of the respective excesses of the present\n\nvalues, at the date of valuation, of the future guaranteed benefits,\n\nincluding guaranteed nonforfeiture benefits, provided for by such\n\ncontracts at the end of each respective contract year, over the\n\npresent value, at the date of valuation, of any future valuation\n\nconsiderations derived from future gross considerations, required by\n\nthe terms of such contract, that become payable prior to the end of\n\nsuch respective contract year. The future guaranteed benefits shall\n\nbe determined by using the mortality table, if any, and the interest\n\nrate, or rates, specified in such contracts for determining\n\nguaranteed benefits. The valuation considerations are the portions\n\nof the respective gross considerations applied under the terms of\n\nsuch contracts to determine nonforfeiture values.\n\nO. For accident and health insurance contracts issued on or\n\nafter the operative date of the valuation manual, the standard\n\nprescribed in the valuation manual is the minimum standard of\n\nvaluation required under paragraph 2 of subsection B of this\n\nsection. For accident and health insurance contracts issued prior\n\nto the operative date of the valuation manual, the minimum standard\n\nof valuation is the standard adopted by the commissioner by rule.\n\nP. Valuation Manual for Policies Issued On or After the\n\nOperative Date of the Valuation Manual.\n\n1. For policies issued on or after the operative date of the\n\nvaluation manual, the standard prescribed in the valuation manual is\n\nthe minimum standard of valuation required under paragraph 2 of\n\nsubsection B of this section, except as provided under paragraph 5\n\nor 7 of this subsection.\n\n2. The operative date of the valuation manual is January 1 of\n\nthe first calendar year following the first July 1 as of which all\n\nof the following have occurred:\n\n(a) the valuation manual has been adopted by the NAIC by\n\nan affirmative vote of at least forty-two members, or\n\nthree-fourths (3/4) of the members voting, whichever\n\nis greater,\nction.\n\n2. The operative date of the valuation manual is January 1 of\n\nthe first calendar year following the first July 1 as of which all\n\nof the following have occurred:\n\n(a) the valuation manual has been adopted by the NAIC by\n\nan affirmative vote of at least forty-two members, or\n\nthree-fourths (3/4) of the members voting, whichever\n\nis greater,\n\n(b) the Standard Valuation Law, as amended by the NAIC in\n\n2009, or legislation including substantially similar\n\nterms and provisions, has been enacted by states\n\nrepresenting greater than seventy-five percent (75%)\n\nof the direct premiums written as reported in the\n\nfollowing annual statements submitted for 2008: life,\n\naccident and health annual statements; health annual\n\nstatements; or fraternal annual statements, and\n\n(c) the Standard Valuation Law, as amended by the NAIC in\n\n2009, or legislation including substantially similar\n\nterms and provisions, has been enacted by at least\n\nforty-two of the following fifty-five jurisdictions:\n\nthe fifty states of the United States, American Samoa,\n\nthe American Virgin Islands, the District of Columbia,\n\nGuam, and Puerto Rico.\n\n3. Unless a change in the valuation manual specifies a later\n\neffective date, changes to the valuation manual shall be effective\n\non January 1 following the date when all of the following have\n\noccurred:\n\n(a) the change to the valuation manual has been adopted by\n\nthe NAIC by an affirmative vote representing:\n\n(1) at least three-fourths (3/4) of the members of\n\nthe NAIC voting, but not less than a majority of\n\nthe total membership, and\n\n(2) members of the NAIC representing jurisdictions\n\ntotaling greater than seventy-five percent (75%)\n\nof the direct premiums written as reported in the\n\nfollowing annual statements most recently\n\navailable prior to the vote in division (1) of\n\nthis subparagraph: life, accident and health\n\nannual statements; health annual statements; or\n\nfraternal annual statements, and\n\n(b) the valuation manual becomes effective pursuant to\n\norder adopted by the commissioner.\n\n4. The valuation manual must specify all of the following:\n\n(a) minimum valuation standards for and definitions of the\n\npolicies or contracts subject to paragraph 2 of\n\nsubsection B of this section. Such minimum valuation\n\nstandards shall be:\n\n(1) the commissioner's reserve valuation method for\n\nlife insurance contracts, other than annuity\n\ncontracts, subject to paragraph 2 of subsection B\n\nof this section,\n\n(2) the commissioner's annuity reserve valuation\n\nmethod for annuity contracts subject to paragraph\n\n2 of subsection B of this section, and\n\n(3) minimum reserves for all other policies or\n\ncontracts subject to paragraph 2 of subsection B\n\nof this section,\n\n(b) which policies or contracts or types of policies or\n\ncontracts that are subject to the requirements of a\n\nprinciple-based valuation in paragraph 1 of subsection\n\nQ of this section and the minimum valuation standards\n\nconsistent with those requirements,\n\n(c) for policies and contracts subject to a principle-\n\nbased valuation under subsection Q of this section:\n\n(1) requirements for the format of reports to the\n\ncommissioner under subparagraph (c) of paragraph\n\n2 of subsection Q of this section and which shall\n\ninclude information necessary to determine if the\n\nvaluation is appropriate and in compliance with\n\nthis section,\n\n(2) assumptions shall be prescribed for risks over\n\nwhich the company does not have significant\n\ncontrol or influence, and\n\n(3) procedures for corporate governance and oversight\n\nof the actuarial function, and a process for\n\nappropriate waiver or modification of such\n\nprocedures,\nall\n\ninclude information necessary to determine if the\n\nvaluation is appropriate and in compliance with\n\nthis section,\n\n(2) assumptions shall be prescribed for risks over\n\nwhich the company does not have significant\n\ncontrol or influence, and\n\n(3) procedures for corporate governance and oversight\n\nof the actuarial function, and a process for\n\nappropriate waiver or modification of such\n\nprocedures,\n\n(d) for policies not subject to a principle-based\n\nvaluation under subsection Q of this section, the\n\nminimum valuation standard shall either:\n\n(1) be consistent with the minimum standard of\n\nvaluation prior to the operative date of the\n\nvaluation manual, or\n\n(2) develop reserves that quantify the benefits and\n\nguarantees, and the funding, associated with the\n\ncontracts and their risks at a level of\n\nconservatism that reflects conditions that\n\ninclude unfavorable events that have a reasonable\n\nprobability of occurring,\n\n(e) other requirements, including, but not limited to,\n\nthose relating to reserve methods, models for\n\nmeasuring risk, generation of economic scenarios,\n\nassumptions, margins, use of company experience, risk\n\nmeasurement, disclosure, certifications, reports,\n\nactuarial opinions and memorandums, transition rules\n\nand internal controls, and\n\n(f) the data and form of the data required under\n\nsubsection R of this section, with whom the data must\n\nbe submitted, and may specify other requirements,\n\nincluding data analyses and reporting of analyses.\n\n5. In the absence of a specific valuation requirement or if a\n\nspecific valuation requirement in the valuation manual is not, in\n\nthe opinion of the commissioner, in compliance with this subsection,\n\nthen the company shall, with respect to such requirements, comply\n\nwith minimum valuation standards prescribed by the commissioner by\n\nregulation.\n\n6. The commissioner may engage a qualified actuary, at the\n\nexpense of the company, to perform an actuarial examination of the\n\ncompany and opine on the appropriateness of any reserve assumption\n\nor method used by the company, or to review and opine on a company's\n\ncompliance with any requirement set forth in this section. The\n\ncommissioner may rely upon the opinion, regarding provisions\n\ncontained within this section, of a qualified actuary engaged by the\n\ncommissioner of another state, district or territory of the United\n\nStates. As used in this paragraph, the term \"engage\" includes\n\nemployment and contracting.\n\n7. The commissioner may require a company to change any\n\nassumption or method that in the opinion of the commissioner is\n\nnecessary in order to comply with the requirements of the valuation\n\nmanual or this section; and the company shall adjust the reserves as\n\nrequired by the commissioner. The commissioner may take other\n\ndisciplinary action as permitted pursuant to rule.\n\nQ. Requirements of a Principle-Based Valuation.\n\n1. A company must establish reserves using a principle-based\n\nvaluation that meets the following conditions for policies or\n\ncontracts as specified in the valuation manual:\n\n(a) quantify the benefits and guarantees, and the funding,\n\nassociated with the contracts and their risks at a\n\nlevel of conservatism that reflects conditions that\n\ninclude unfavorable events that have a reasonable\n\nprobability of occurring during the lifetime of the\n\ncontracts. For policies or contracts with significant\n\ntail risk, reflects conditions appropriately adverse\n\nto quantify the tail risk,\n\n(b) incorporate assumptions, risk analysis methods and\n\nfinancial models and management techniques that are\n\nconsistent with, but not necessarily identical to,\n\nthose utilized within the company's overall risk\n\nassessment process, while recognizing potential\n\ndifferences in financial reporting structures and any\n\nprescribed assumptions or methods,\nappropriately adverse\n\nto quantify the tail risk,\n\n(b) incorporate assumptions, risk analysis methods and\n\nfinancial models and management techniques that are\n\nconsistent with, but not necessarily identical to,\n\nthose utilized within the company's overall risk\n\nassessment process, while recognizing potential\n\ndifferences in financial reporting structures and any\n\nprescribed assumptions or methods,\n\n(c) incorporate assumptions that are derived in one of the\n\nfollowing manners:\n\n(1) the assumption is prescribed in the valuation\n\nmanual,\n\n(2) for assumptions that are not prescribed, the\n\nassumptions shall:\n\n(i) be established utilizing the company's\n\navailable experience, to the extent it is\n\nrelevant and statistically credible, or\n\n(ii) to the extent that company data is not\n\navailable, relevant, or statistically\n\ncredible, be established utilizing other\n\nrelevant, statistically credible experience,\n\nand\n\n(d) provide margins for uncertainty including adverse\n\ndeviation and estimation error, such that the greater\n\nthe uncertainty the larger the margin and resulting\n\nreserve.\n\n2. A company using a principle-based valuation for one or more\n\npolicies or contracts subject to this subsection as specified in the\n\nvaluation manual shall:\n\n(a) establish procedures for corporate governance and\n\noversight of the actuarial valuation function\n\nconsistent with those described in the valuation\n\nmanual,\n\n(b) provide to the commissioner and the board of directors\n\nan annual certification of the effectiveness of the\n\ninternal controls with respect to the principle-based\n\nvaluation. Such controls shall be designed to assure\n\nthat all material risks inherent in the liabilities\n\nand associated assets subject to such valuation are\n\nincluded in the valuation, and that valuations are\n\nmade in accordance with the valuation manual. The\n\ncertification shall be based on the controls in place\n\nas of the end of the preceding calendar year, and\n\n(c) develop, and file with the commissioner upon request,\n\na principle-based valuation report that complies with\n\nstandards prescribed in the valuation manual.\n\n3. A principle-based valuation may include a prescribed\n\nformulaic reserve component.\n\nR. Experience Reporting for Policies In Force On or After the\n\nOperative Date of the Valuation Manual.\n\nA company shall submit mortality, morbidity, policyholder\n\nbehavior, or expense experience and other data as prescribed in the\n\nvaluation manual.\n\nS. When the actual funds of any life insurance company doing\n\nbusiness in this state, exclusive of its capital, are not of a net\n\ncash value equal to its liabilities including the net value of its\n\npolicies according to the basis and minimum standards prescribed or\n\nauthorized by the laws of this state, it shall be the duty of the\n\nInsurance Commissioner to give notice to such company and its agents\n\nto discontinue issuing new policies within this state, until such\n\ntime as its funds have become equal to its liabilities as aforesaid.\n\nAny officer or agent who, after such notice has been given, issues\n\nor delivers a new policy from and on behalf of such company before\n\nits funds have become equal to its liabilities, as aforesaid, shall\n\nforfeit to the state for each offense a sum not less than One\n\nHundred Dollars ($100.00) nor more than Five Thousand Dollars\n\n($5,000.00) for each occurrence.\n\nT. Single State Exemption.\n\n1. The Commissioner may exempt specific product forms or\n\nproduct lines of a domestic company that is licensed and doing\n\nbusiness only in Oklahoma from the requirements of subsection P of\n\nthis section provided:\n\n(a) the Commissioner has issued an exemption in writing to\n\nthe company and has not subsequently revoked the\n\nexemption in writing, and\nfor each occurrence.\n\nT. Single State Exemption.\n\n1. The Commissioner may exempt specific product forms or\n\nproduct lines of a domestic company that is licensed and doing\n\nbusiness only in Oklahoma from the requirements of subsection P of\n\nthis section provided:\n\n(a) the Commissioner has issued an exemption in writing to\n\nthe company and has not subsequently revoked the\n\nexemption in writing, and\n\n(b) the company computes reserves using assumptions and\n\nmethods used prior to the operative date of the\n\nvaluation manual in addition to any requirements\n\nestablished by the commissioner and promulgated by\n\nregulation.\n\n2. For any company granted an exemption under this section,\n\nsubsections B and C of Section 4061 of this title and subsections C,\n\nD, E, F, G, H, J, K, L, M, N and O of this section shall be\n\napplicable. With respect to any company applying this exemption,\n\nany reference to subsection P found in subsections B and C of\n\nSection 4061 and subsections C, D, E, F, G, H, J, K, L, M, N and O\n\nof this section shall not be applicable.\n\nU. Conflict of law.\n\nIf any provision of law is inconsistent with the provisions of\n\nthis section, this section shall prevail.","path":["OK Code","Title 36"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os36.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"ace2868b68f273f207afbf2436495b8bbd2b9b26cf42eeca3e22883892852528","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-1509.1","next":"us-ok/okla.-stat.-tit.-36-36-1511"},"notice":"GroundRules: Original legal text. Not legal advice."}