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Code · Oklahoma · Title 36 — Insurance

§36-1702. Purpose of deposits.

140 words·~1 min read·/ok/title-36-insurance/36-1702·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Such deposits shall be held as follows:
1. When the deposit is required for authority to transact insurance in Oklahoma the deposit shall be held for the protection of all the insurer's policyholders and/or creditors within the United States.
2. When the deposit is required pursuant to the laws of another state, province, or country, the deposit shall be held for such purposes as is required by such laws, and as specified by the Insurance Commissioner at the time the deposit is made.
3. When the deposit is required pursuant to the retaliatory provision, Section 630 of Article 6 (Authorization of Insurers and General Requirements Article), the deposit shall be held for purposes as specified in the Insurance Commissioner's order requiring the deposit. Laws 1957, p. 291, § 1702; Laws 1969, c. 122, § 1, emerg. eff. April 3, 1969.
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