{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-4007","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-4007","heading":"Dividends","body":"There shall be a provision in participating policies that,\n\nbeginning not later than the end of the third policy year, the\n\ninsurer shall annually ascertain and apportion the divisible\n\nsurplus, if any, that will accrue on the policy anniversary or other\n\ndividend date specified in the policy provided the policy is in\n\nforce and all premiums to that date are paid. Except as hereinafter\n\nprovided, any dividend so apportioned shall at the option of the\n\nparty entitled to elect such option be either (a) payable in cash or\n\n(b) applied to any one of such other dividend options as may be\n\nprovided by the policy. If any such other dividend options are\n\nprovided, the policy shall further state which option shall be\n\nautomatically effective if such party shall not have elected some\n\nother option. If the policy specifies a period within which such\n\nother dividend option may be elected, such period shall be not less\n\nthan thirty (30) days following the date on which such dividend is\n\ndue and payable. The annually apportioned dividend shall be deemed\n\nto be payable in cash within the meaning of (a) above even though\n\nthe policy provides that payment of such dividend is to be deferred\n\nfor a specified period, provided such period does not exceed six (6)\n\nyears from the date of apportionment and that interest will be added\n\nto such dividend at a specified rate. If a participating policy\n\nprovides that the benefit under any paid-up nonforfeiture provision\n\nis to be participating, it may provide that any divisible surplus\n\napportioned while the insurance is in force under such nonforfeiture\n\nprovision shall be applied in the manner set forth in the policy.","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":"158fe4bba19ec11b683500e5d4c45b84ca429fdb9ec2a7b5e96b973c35448091","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-4006","next":"us-ok/okla.-stat.-tit.-36-36-4008"},"notice":"GroundRules: Original legal text. Not legal advice."}