Oklahoma § 36-2674 - Deposit for protection of subscribers

§ 36-2674. Deposit for protection of subscribers

A. Each corporation governed by this Article shall at all times

have on deposit with the Insurance Commissioner the sum of Fifteen

Thousand Dollars ($15,000.00). In addition every such corporation

shall deposit with the Commissioner, not later than each February 1,

an amount equal to two percent (2%) of the gross subscriptions

collected during the preceding calendar year, until the deposit of

such corporation reaches a total of Twenty-five Thousand Dollars

($25,000.00). All such deposits shall be held by the Commissioner

Oklahoma Statutes - Title 36. Insurance

in trust for the benefit and protection of the subscribers of the

corporation making the deposit.

B. The deposit prescribed by this section shall be subject to

withdrawal in whole or in part on the order of and as directed by

the Commissioner and may be invested in bonds of the United States

or of the State of Oklahoma, or any political subdivision thereof,

or state warrants, which shall be assigned to the Commissioner and

held by the Commissioner as provided for original deposits. The

securities may, with the approval of the Commissioner, be exchanged

for similar securities or cash of equal amount. Interest on

securities so deposited shall be payable to the corporation

depositing the same.

C. An unsettled final judgment, arising upon a certificate of

participation against such a corporation, shall be a lien on the

deposit prescribed by this section, subject to execution after

thirty (30) days from the entry of final judgment. If the deposit

is reduced thereby, it shall be replenished within ninety (90) days.

D. Upon the liquidation or dissolution of such corporation and

the satisfaction of all its liabilities, any balance remaining in

the deposit in the hands of the Commissioner and any other assets of

the insurer shall be distributed in the manner directed by the

directors of the dental service corporation.

Added by Laws 1973, c. 104, § 4, emerg. eff. May 3, 1973. Amended

by Laws 2014, c. 275, § 14, eff. Nov. 1, 2014.