{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-2604","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-2604","heading":"Deposit for protection of members","body":"A. Corporations governed by this article shall at all times\n\nhave on deposit with the Insurance Commissioner sums as follows:\n\n1. If newly formed under this article, the sum of Fifteen\n\nThousand Dollars ($15,000.00); or\n\n2. If formed under prior law, such sum as was so required under\n\nsuch prior law.\n\nEvery such corporation shall deposit with the Commissioner, not\n\nlater than the first day of each February, an amount equal to two\n\npercent (2%) of the gross subscriptions collected during the\n\npreceding calendar year, until the deposit of such corporation\n\nreaches a total of Twenty-five Thousand Dollars ($25,000.00). All\n\nsuch deposits shall be held by the Commissioner in trust for the\n\nbenefit and protection of the subscribers of the corporation making\n\nthe deposit.\n\nB. The deposit prescribed by this section shall be subject to\n\nwithdrawal in whole or in part on the order of and as directed by\n\nthe Insurance Commissioner, but may, with the approval of the\n\nCommissioner, be invested in bonds of the United States or of the\n\nState of Oklahoma, or any political subdivision thereof, or state\n\nwarrants, which shall be assigned to the Commissioner and held by\n\nthe Commissioner as provided for original deposits. The securities\n\nmay, with the approval of the Commissioner, be exchanged for similar\n\nsecurities or cash of equal amount. Interest on securities so\n\ndeposited shall be payable to the corporation depositing the same.\n\nC. An unsettled final judgment, arising upon a certificate of\n\nparticipation against such a corporation, shall be a lien on the\n\ndeposit prescribed by this section, subject to execution after\n\nthirty (30) days from the entry of final judgment. If the deposit\n\nis reduced thereby, it shall be replenished within ninety (90) days.\n\nD. Upon the liquidation or dissolution of such corporation and\n\nthe satisfaction of all its liabilities, any balance remaining in\n\nthe deposit in the hands of the Commissioner and any other assets of\n\nthe insurer shall be distributed to the holders of certificates of\n\nparticipation in good standing at the time proceedings for the\n\nliquidation or dissolution of the corporation were commenced,\n\nprorated according to the gross amount of subscriptions which have\n\nbeen paid on such certificates up to the time such proceedings were\n\ncommenced.","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":"7616c46cbfab92b3e3309ed4b8e26bc21e45bd9d62362d7a75549ac4f0b51577","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-2603","next":"us-ok/okla.-stat.-tit.-36-36-2605"},"notice":"GroundRules: Original legal text. Not legal advice."}