Oklahoma § 36-1505

§ 36-1505.

Liabilities - Mandatory securities valuation reserves.

Oklahoma Statutes - Title 36. Insurance

A. In any determination of the financial condition of an

insurer, capital stock and liabilities to be charged against its

assets shall include:

1. The amount of its capital stock outstanding, if any.

2. The amount, estimated consistent with the provisions of this

Code, necessary to pay all of its unpaid losses and claims incurred

on or prior to the date of statement, whether reported or

unreported, together with the expenses of adjustment or settlement

thereof.

3. With reference to life and disability insurance and annuity

contracts:

(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.

4. With reference to insurance other than specified in

subsection 3 this section, and other than title insurance, the

amount of reserves equal to the unearned portions of the gross

premiums charged on policies in force, computed in accordance with

this article.

5. Taxes, expenses and other obligations due or accrued at the

date of the statement.

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.

Laws 1957, p. 281, § 1505.