Home Table of Contents

§ 2907. Surplus funds required

Oklahoma Statutes AnnotatedTitle 36. Insurance

Oklahoma Statutes Annotated
Title 36. Insurance (Refs & Annos)
Chapter 1. Insurance Code (Refs & Annos)
Article 29. Reciprocal Insurers
36 Okl.St.Ann. § 2907
§ 2907. Surplus funds required
Currentness
A. A domestic reciprocal insurer hereunder formed, if it has otherwise complied with the provisions of this Code, may be authorized to transact insurance if it deposits and maintains on deposit with the State Treasurer, through the office of the Insurance Commissioner, surplus funds as follows:
1. To transact property insurance, surplus funds of not less than One Hundred Thousand Dollars ($100,000.00).
2. To transact vehicle insurance, surplus funds of not less than One Hundred Fifty Thousand Dollars ($150,000.00).
B. A domestic reciprocal insurer may be authorized to transact additional kinds of insurance if it has otherwise complied with the provisions of this code therefor and possesses and so maintains on deposit surplus funds in amount equal to the minimum capital required of a stock insurer for authority to transact a like combination of kinds of insurance.

Credits

Laws 1957, p. 355, § 2907, operative July 1, 1957.
36 Okl. St. Ann. § 2907, OK ST T. 36 § 2907
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
End of Document