§ 1505. Liabilities--Mandatory securities valuation reserves
Oklahoma Statutes AnnotatedTitle 36. Insurance
36 Okl.St.Ann. § 1505
§ 1505. Liabilities--Mandatory securities valuation reserves
(a) The amount of reserves on life insurance policies and annuity contracts in force, valued according to the tables of mortality, rates of interest, and methods adopted pursuant to this Code which are applicable thereto,
(b) Reserves for disability benefits, for both active and disabled lives,
(c) Reserves for accidental death benefits, and
(d) Any additional reserves which may be required by the Insurance Commissioner consistent with practice formulated or approved by the National Association of Insurance Commissioners, on account of such insurance.
B. All life insurance companies and fraternal benefit societies shall establish and maintain mandatory securities valuation reserves in accordance with the guidelines established by the National Association of Insurance Commissioners. Life insurance companies without mandatory securities valuation reserves as of December 31, 1989, shall begin accruing twenty percent (20%) of the mandatory securities value reserves per year and have reserves in accordance with the required guidelines within five (5) years.
Credits
Laws 1957, p. 281, § 1505, operative July 1, 1957; Laws 1989, c. 181, § 2, eff. Nov. 1, 1989.
36 Okl. St. Ann. § 1505, OK ST T. 36 § 1505
Current with emergency effective legislation through Chapter 182 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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