{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-2126","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-2126","heading":"Prohibited interests of officers, directors in certain","body":"transactions.\n\nA. No director or officer of an insurer, organized under the\n\nlaws of this state, and no person who is directly or indirectly the\n\nbeneficial owner of more than ten percent (10%) of any class of\n\nequity security of any such insurance company, shall receive, except\n\nas permitted by this section, any money or valuable thing, either\n\ndirectly or indirectly or through any substantial interest in any\n\nother corporation, firm or business unit for negotiating, procuring,\n\nrecommending or aiding in any purchase, sale or exchange of property\n\nor loan, made by any such company or any subsidiary thereof; nor\n\nshall he be pecuniarily interested, either as principal,\n\ncoprincipal, agent or beneficiary, either directly or indirectly, or\n\nthrough any substantial interest in any other corporation, firm or\n\nbusiness unit, in any such purchase, sale, exchange or loan; nor\n\nshall such company make any loan to or guarantee the financial\n\nobligation of any such director, officer or shareholder, either\n\ndirectly or indirectly, or through its subsidiaries, nor shall any\n\nsuch director, officer or shareholder accept any such loan or\n\nguarantee either directly or indirectly.\n\nB. 1. \"Person\", as used herein, shall mean an individual, a\n\ncorporation, a partnership, an association, a joint-stock company, a\n\nbusiness trust or an unincorporated organization; and\n\n2. \"Subsidiary\", as used herein, shall mean any corporation in\n\nwhich an insurance company owns fifty percent (50%) or more of any\n\nclass of equity securities of such corporation, or which is managed\n\nby or is directly or indirectly controlled by or is subject to\n\ncontrol by an insurance company.\n\nC. Nothing in this section shall be construed as prohibiting\n\nthe following:\n\n1. Any such director, officer or shareholder from becoming a\n\npolicyholder of the insurance company and enjoying the usual rights\n\nof a policyholder or from participating as beneficiary in any\n\npension plan, deferred compensation plan, profit-sharing or bonus\n\nplan, stock option plan, or similar plan adopted by the insurance\n\ncompany and to which he may be eligible under the terms of such\n\nplan; or prohibit any such director, officer or shareholder from\n\nreceiving salaries, bonuses and other remuneration for services\n\nrendered to the insurance company as an employee and not in\n\nviolation of other provisions of the Insurance Code;\n\n2. Professional services performed by such directors for duties\n\nnot placed by law upon a director and director's fees and expense\n\nreimbursement for the performance of their duties as directors;\n\n3. The approval and payment of lawful dividends to\n\npolicyholders and shareholders;\n\n4. Any other arms-length transaction not forbidden by other\n\nstatutes between such directors, officers and shareholders and such\n\ninsurance company provided such transactions are approved prior to\n\nthe making thereof by the Commissioner;\n\n5. Any transactions within an insurance holding company system\n\nby insurers with their holding companies, subsidiaries or affiliates\n\nthat are not prohibited by law, that meet the test of being fair and\n\nproper, and that are regulated by other statutes; or\n\n6. Any transactions or arrangements not prohibited by law that\n\nmeet the test of being fair and proper.","path":["OK Code","Title 36"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os36.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"3d1af9b7ddddd49cde967d2f9649c97395e54e084128a137256ecff79cc0fed4","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-2125","next":"us-ok/okla.-stat.-tit.-36-36-2126.1"},"notice":"GroundRules: Original legal text. Not legal advice."}