{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-6061","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-6061","heading":"Separate accounts - Variable annuity and life insurance","body":"contracts - Regulations.\n\nA. Any domestic life insurance company may establish one or\n\nmore separate accounts, and may allocate to such separate account or\n\naccounts any amounts including without limitation proceeds applied\n\nunder optional modes of settlement or under dividend options to\n\nprovide for life insurance or annuities and benefits incidental\n\nthereto, payable in fixed or in variable dollar amounts, or in both,\n\nsubject to the following:\n\n1. Except as hereinafter provided, the amounts allocated to\n\neach such account and accumulations thereon may be invested and\n\nreinvested without regard to any requirements or limitations\n\nprescribed by the laws of this state governing the investments of\n\nlife insurance companies; provided, that to the extent that the\n\ncompany's reserve liability with regard to a. benefits guaranteed as\n\nto amounts and duration, and b. funds guaranteed as to principal\n\namount or stated rate of interest is maintained in any separate\n\naccount, a portion of the assets of such separate account at least\n\nequal to such reserve liability shall be, except as the Commissioner\n\nmay otherwise approve, invested in accordance with the laws of this\n\nstate governing the investments of life insurance companies. The\n\ninvestments in such separate account or accounts shall not be taken\n\ninto account in applying the investment limitations applicable to\n\nother investments of the company.\n\n2. With respect to seventy-five percent (75%) of the market\n\nvalue of the total assets in a separate account no company shall\n\npurchase or otherwise acquire the securities of any issuer, other\n\nthan securities issued or guaranteed as to principal or interest by\n\nthe United States, if immediately after such purchase or acquisition\n\nthe market value of such investment, together with prior investments\n\nof such separate account in such security taken at market value,\n\nwould exceed ten percent (10%) of the market value of the assets of\n\nsaid separate account; provided, however, that the Commissioner may\n\nwaive such limitations if, in his opinion, such waiver will not\n\nrender the operation of such separate account hazardous to the\n\npublic or the policyholders in this state.\n\n3. No separate account shall invest in the voting securities of\n\na single issuer if such investment would result in the company\n\nowning an amount in excess of ten percent (10%) of the total issued\n\nand outstanding voting securities of such issuer; provided, that the\n\nforegoing shall not apply with respect to securities held in\n\nseparate accounts, the voting rights in which are exercisable only\n\nin accordance with instructions from persons having interest in such\n\naccounts.\n\n4. The limitations provided in subsections 2. and 3. above\n\nshall not apply to the investment with respect to a separate account\n\nin the securities of an investment company registered under the\n\nInvestment Company Act of 1940, provided that the investments of\n\nsuch investment company comply in substance with subsections 2. and\n\n3. hereof.\n\n5. The income, if any, and gains and losses, realized or\n\nunrealized, from assets allocated to each account shall be credited\n\nto or charged against the account in accordance with the applicable\n\ncontract without regard to other income, gains or losses of the\n\ncompany.\n\n6. Assets allocated to a separate account shall be valued at\n\ntheir market value on the date of valuation, or if there is no\n\nreadily available market, then in accordance with the applicable\n\ncontract or the rules or other written agreement applicable to such\n\nseparate account; provided, the portion of the assets of such\n\nseparate account at least equal to the company's reserve liability\n\nwith regard to the guaranteed benefits and funds referred to in\n\nsubsection 1. hereof, if any, shall be valued in accordance with the\n\nrules otherwise applicable to the company's assets. The reserve\n\nliability for variable contracts shall be determined in accordance\nh\n\nseparate account; provided, the portion of the assets of such\n\nseparate account at least equal to the company's reserve liability\n\nwith regard to the guaranteed benefits and funds referred to in\n\nsubsection 1. hereof, if any, shall be valued in accordance with the\n\nrules otherwise applicable to the company's assets. The reserve\n\nliability for variable contracts shall be determined in accordance\n\nwith actuarial procedures that recognize the variable nature of the\n\nbenefits provided and any mortality guarantees.\n\n7. If, and to the extent, so provided under the applicable\n\ncontracts, that portion of the assets of any such separate account\n\nequal to the reserves, and other contract liabilities with respect\n\nto such account, shall not be chargeable with liabilities arising\n\nout of any other business the company may conduct.\n\n8. The life insurance company shall have the power and the\n\ncompany's charter shall be deemed amended to authorize such company\n\nto do all things necessary under any applicable state or federal law\n\nin order that variable contracts may be lawfully sold or offered for\n\nsale including, without limitation, a. with respect to any separate\n\naccount registered with the Securities and Exchange Commission as a\n\nunit investment trust exercise voting rights in connection with any\n\nsecurities of a regulated investment company registered under the\n\nInvestment Company Act of 1940 and held in such separate accounts in\n\naccordance with instructions from persons having interests in such\n\naccounts ratably as determined by the company, or b. with respect\n\nto any separate account registered with the Securities and Exchange\n\nCommission as a management investment company, establish for such\n\naccount a committee, board, or other body, the members of which may\n\nor may not be otherwise affiliated with such company and may be\n\nelected to such membership by the vote of persons having interests\n\nin such account ratably as determined by the company. Such\n\ncommittee, board or other body may have the power, exercisable alone\n\nor in conjunction with others, to manage such separate account and\n\nthe investment of its assets.\n\nB. Any contract providing benefits payable in variable amounts\n\ndelivered or issued for delivery in this state shall contain a\n\nstatement of the essential features of the procedure to be followed\n\nby the company in determining the dollar amount of such variable\n\nbenefits. Any such contract under which the benefits vary to\n\nreflect investment experience, including a group contract and any\n\ncertificate issued thereunder shall state that such dollar amount\n\nmay decrease or increase and shall contain on its first page a\n\nstatement that the benefits thereunder are on a variable basis.\n\nC. No domestic life insurance company, and no other life\n\ninsurance company admitted to transact business in this state, shall\n\nbe authorized to deliver within this state any variable contract\n\nproviding benefits in variable amounts until said company has\n\nsatisfied the Insurance Commissioner that its condition or methods\n\nof operation in connection with the issuance of such contracts will\n\nnot render its operation hazardous to the public or its\n\npolicyholders in this state. In determining the qualification of a\n\ncompany requesting authority to deliver such contracts within this\n\nstate, the Insurance Commissioner shall consider, among other\n\nthings:\n\n1. The history and financial condition of the company;\n\n2. The character, responsibility and general fitness of the\n\nofficers and directors of the company; and\n\n3. In the case of a company other than a domestic company,\n\nwhether the statutes and regulations of the jurisdiction of its\n\nincorporation, or state of entry in the case of an alien company,\n\nprovide a degree of protection to policyholders and the public which\n\nis substantially equal to that provided by this section and the\n\nrules and regulations issued thereunder.\nd directors of the company; and\n\n3. In the case of a company other than a domestic company,\n\nwhether the statutes and regulations of the jurisdiction of its\n\nincorporation, or state of entry in the case of an alien company,\n\nprovide a degree of protection to policyholders and the public which\n\nis substantially equal to that provided by this section and the\n\nrules and regulations issued thereunder.\n\nAn authorized life insurance company, whether domestic, foreign\n\nor alien, which issues variable contracts and which is a subsidiary\n\nof (or affiliated through common management or ownership with)\n\nanother life insurance company authorized to do business in this\n\nstate may be deemed to have met the provisions of this subsection if\n\neither it or the parent or affiliated company meets the requirements\n\nhereof.\n\nD. The Insurance Commissioner shall have the sole and exclusive\n\nauthority to regulate the issuance and sale of such contracts and to\n\nissue such reasonable rules and regulations as may be necessary to\n\ncarry out the purposes and provisions of this section; and such\n\ncontracts, the companies which issue them and the agents or other\n\npersons who sell them shall not be subject to the Oklahoma Uniform\n\nSecurities Act of 2004 nor to the jurisdiction of the Oklahoma\n\nSecurities Commission thereunder.","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":"be87f8fd071548198b58b0f2b61e1257bf6a11776b78971107b5b23848c14b38","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-6060.9d","next":"us-ok/okla.-stat.-tit.-36-36-6062"},"notice":"GroundRules: Original legal text. Not legal advice."}