{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-2011","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-2011","heading":"Proposal to distribute assets of insolvent company -","body":"Notice.\n\nA. Within one hundred twenty (120) days of a final\n\ndetermination of insolvency of a company by a court of competent\n\njurisdiction of this state, the receiver shall make application to\n\nthe court for approval of a proposal to disburse assets out of such\n\ncompany's marshalled assets from time to time as such assets become\n\navailable to the Oklahoma Property and Casualty Insurance Guaranty\n\nFund and to any entity or person performing a similar function in\n\nanother state. The Oklahoma Property and Casualty Insurance\n\nGuaranty Fund and any entity or person performing a similar function\n\nin other states shall hereinafter be referred to collectively as the\n\nAssociations.\n\nB. Such proposal shall at least include provisions for:\n\n1. Reserving amounts for the payment of expenses of\n\nadministration and claims falling within priorities higher than that\n\nof the Fund;\n\n2. Disbursement of the assets marshalled to date and subsequent\n\ndisbursements of assets as they become available;\n\n3. Equitable allocation of disbursements to each of the\n\nassociations entitled thereto;\n\n4. The securing by the receiver from each of the associations\n\nentitled to disbursements of an agreement to return to the receiver\n\nsuch assets previously disbursed as may be required to pay claims of\n\nsecured creditors and claims falling within priorities higher than\n\nthat of the Fund in accordance with such priorities. No bond shall\n\nbe required of any such association; and\n\n5. A full report to be made by the association to the receiver\n\naccounting for all assets so disbursed to the association on such\n\nassets and any other matter as the court may direct.\n\nC. The receiver's proposal shall provide for disbursements to\n\nthe association in amounts estimated at least equal to the claim\n\npayments made or to be made thereby for which such associations\n\ncould assert a claim against the receiver, and shall further provide\n\nthat if the assets available for disbursement from time to time do\n\nnot equal or exceed the amount of such claim payments made or to be\n\nmade by the association then disbursements shall be in the amount of\n\navailable assets.\n\nD. Notice of such application shall be given to the\n\nassociations in and to the Commissioners of Insurance of each of the\n\nstates. Any such notice shall be deemed to have been given when\n\ndeposited in the United States certified mail, first class postage\n\nprepaid, at least thirty (30) days prior to submission of such\n\napplication to the court. Action on the application may be taken by\n\nthe court provided the above required notice has been given, and\n\nprovided further that the receiver's proposal complies with\n\nparagraphs 1 and 4 of subsection B of this section.","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":"6f5f8114f5a80484172200b05b0ed4d98059c46f9aa82cc38447cad5afaa1c91","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-2010","next":"us-ok/okla.-stat.-tit.-36-36-2012"},"notice":"GroundRules: Original legal text. Not legal advice."}