Okla. Stat. tit. 36, § 36-660.11: Policyholder membership interests

A. The membership interests of the policyholders of the

resulting company become membership interests in the mutual holding

company. Eligible members of the converting company become members

of the mutual holding company in accordance with the articles of

incorporation and bylaws of the mutual holding company.

B. A membership interest in a mutual holding company does not

constitute a security, defined as:

1. A limited partner interest in a limited partnership;

2. A share;

3. A stock;

4. A treasury stock;

5. A stock certificate under a voting trust agreement;

6. A collateral trust certificate;

7. An equipment trust certificate;

8. A preorganization certificate or receipt;

9. A subscription or reorganization certificate;

10. A note, bond, debenture, mortgage certificate, or other

evidence of indebtedness;

11. Any form of commercial paper;

12. A certificate in or under a profit-sharing or participation

agreement;

13. A certificate or instrument representing an interest in or

under an oil, gas, or mining lease, fee, or title;

14. A certificate or instrument representing or secured by an

interest in any of the capital, property, assets, profits, or

earnings of a company;

15. An investment contract; and

16. Any other instrument commonly known as a security,

regardless of whether the instrument is similar to another

instrument listed in this subsection.

This applies regardless of whether the security is evidenced by

a written instrument. This definition does not include an insurance

policy, endowment policy, annuity contract, or optional annuity

contract, or any contract or agreement in relation to and in

consequence of any such policy or contract, issued by an insurance

company subject to the supervision or control of the Oklahoma

Insurance Department when the form of such policy or contract has

been filed with the Department as required by law.