{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-2129","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-2129","heading":"Mutualization of stock insurer","body":"A. A domestic stock insurer other than a life or title insurer\n\nmay become a domestic mutual insurer pursuant to such plan and\n\nprocedure as may be approved in advance by the Insurance\n\nCommissioner.\n\nB. The Commissioner shall not approve any such plan, procedure,\n\nor mutualization unless:\n\n1. It is equitable to both stockholders and policyholders;\n\n2. It is subject to approval by a vote of the holders of not\n\nless than three-fourths (3/4) of the insurer's capital stock having\n\nvoting rights and by a vote of not less than two-thirds (2/3) of the\n\ninsurer's policyholders who vote on such plan in person, by proxy or\n\nby mail pursuant to such notice and procedure as may be approved by\n\nthe Commissioner;\n\n3. Mutualization will result in retirement of shares of the\n\ninsurer's capital stock at a price not in excess of the fair market\n\nvalue thereof as determined by competent disinterested appraisers;\n\n4. The plan provides for the purchase of the shares of any\n\nnonconsenting stockholder in accordance with the provisions of the\n\nOklahoma General Corporation Act, and such nonconsenting\n\nstockholders shall have all the rights and restrictions applicable\n\nunder said act to stockholders of a private corporation who do not\n\nconsent to the agreed manner of converting the shares of stock of\n\nsuch private corporation upon proposal for consolidation;\n\n5. The plan provides for definite conditions to be fulfilled by\n\na designated early date upon which such mutualization will be deemed\n\neffective; and\n\n6. The mutualization leaves the insurer with surplus funds\n\nreasonably adequate for the security of its policyholders and to\n\ncontinue successfully in business in the states in which it is then\n\nauthorized to transact insurance, and for the kinds of insurance\n\nincluded in its certificate of authority.\n\nC. This section shall not apply to mutualization under order of\n\ncourt pursuant to rehabilitation or reorganization of an insurer\n\nunder Article 18, (Rehabilitation and Liquidation).","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":"36bfafc1844fa1bda348f47dff744493c76f3794d2ff2cffb74315b81bbbb67b","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-2128","next":"us-ok/okla.-stat.-tit.-36-36-2130"},"notice":"GroundRules: Original legal text. Not legal advice."}