Oklahoma § 36-1506 - Unearned premium reserve
Full text of Oklahoma Oklahoma Statutes § 36-1506 — Unearned premium reserve, with citation guidance and answers to common questions.
§ 36-1506. Unearned premium reserve
A. With reference to insurance against loss or damage to
property (except as provided in Section 1507 of this article) and
with reference to all general casualty insurance, and surety
insurance, every insurer shall maintain an unearned premium reserve
on all policies in force.
B. The Insurance Commissioner may require that such reserves
shall be equal to the unearned portions of the gross premiums in
Oklahoma Statutes - Title 36. Insurance
force after deducting reinsurance in solvent insurers as computed on
each respective risk from the policy's date of issue. If the
Insurance Commissioner does not so require, the portions of the
gross premium in force, less reinsurance in solvent insurers to be
held as a premium reserve, shall be computed according to the
following table:
Term for Which Policy
Reserve for Unearned
Was Written
Premium
_____________________
_____________________
1 Year or less
1/2
2 Years
1st year 3/4
2nd year 1/4
3 Years
1st year 5/6
2nd year 1/2
3rd year 1/6
4 Years
1st year 7/8
2nd year 5/8
3rd year 3/8
4th year 1/8
5 Years
1st year 9/10
2nd year 7/10
3rd year 1/2
4th year 3/10
5th year 1/10
Over 5 years
pro rata
C. Unearned premium reserves on policies written for an
intermediate period shall be calculated at the succeeding longer
period or on a monthly pro rata basis.
D. In lieu of computation according to the foregoing table, all
of such reserves may be computed, at the option of the insurer, on a
monthly or more frequent pro rata basis.
E. After adopting a method for computing such reserve, an
insurer shall not change methods without approval of the Insurance
Commissioner.
F. This section does not apply to title insurance.
Laws 1957, p. 282, § 1506.
Frequently Asked Questions About Oklahoma § 36-1506
What does Oklahoma Statutes § 36-1506 cover?
Section 36-1506 ("Unearned premium reserve") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 36-1506?
A common citation format is "Oklahoma Statutes § 36-1506" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 36-1506 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.