{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-2654","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-2654","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 the sum of Five\n\nThousand Dollars ($5,000.00).\n\nEvery such corporation shall deposit with the Commissioner, not\n\nlater than each February 1, an amount equal to two percent (2%) of\n\nthe gross subscriptions collected during the preceding calendar\n\nyear, until the deposit of such corporation reaches a total of Ten\n\nThousand Dollars ($10,000.00). All such deposits shall be held by\n\nthe Commissioner in trust for the benefit and protection of the\n\nsubscribers of the corporation making the 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 Commissioner, but may, with the approval of the Commissioner, be\n\ninvested in bonds of the United States or of the State of Oklahoma,\n\nor any political subdivision thereof, or state warrants, which shall\n\nbe assigned to the Commissioner and held by the Commissioner as\n\nprovided for original deposits. The securities may, with the\n\napproval of the Commissioner, be exchanged for similar securities or\n\ncash of equal amount. Interest on securities so deposited shall be\n\npayable 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":"b73144353b47156bd76dc5ec2eadad775011288fe0130e6f443cf8fee439f4e8","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-2653","next":"us-ok/okla.-stat.-tit.-36-36-2655"},"notice":"GroundRules: Original legal text. Not legal advice."}