{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-1513","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-1513","heading":"Valuation of real property - Improvements","body":"A. Real property acquired pursuant to a mortgage loan or\n\ncontract for sale shall not be valued at an amount greater than the\n\nunpaid principal of the defaulted loan or contract at the date of\n\nsuch acquisition, together with any taxes and expenses paid or\n\nincurred in connection with such acquisition. In addition, the\n\ncompany may make improvements to such property, provided however,\n\nthe cost of such improvements plus the acquisition costs and unpaid\n\nprincipal of the defaulted loan or contract shall not exceed the\n\nlesser of four percent (4%) of the admitted assets or surplus of the\n\ncompany in regard to policyholders.\n\nB. Other real property held by an insurer shall be valued at an\n\namount not to exceed the lower of current market value or cost plus\n\ncapitalized improvements less normal depreciation. In lieu of\n\nwriting down investment real estate or taking part of the value as\n\nnonadmitted when market value is less than book value, an insurer\n\nmay establish a reserve for specific properties as a liability. If\n\nvaluation is based on an appraisal more than three (3) years old,\n\nthe Insurance Commissioner may at his discretion call for and\n\nrequire a new appraisal in order to determine fair value.\n\nReal property held by an insurer prior to September 1, 1993,\n\nshall be in compliance with the limitations of this section by\n\nDecember 31, 1997. Insurers shall maintain accurate and adequate\n\nrecords reflecting the provisions of this section and submit such\n\nrecords with quarterly and annual statements.","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":"6ce51b4e5f6c25fa7863882a6299f363027c65d3e526475fb240a0b9af34dab7","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-1512","next":"us-ok/okla.-stat.-tit.-36-36-1514"},"notice":"GroundRules: Original legal text. Not legal advice."}