{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-2403","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-2403","heading":"Associations carried on for benefit of members -","body":"Provision of benefits - Application of other laws.\n\nA. Associations, companies or corporations organized as mutual\n\nbenefit associations shall be carried on for the benefit of their\n\nmembers or their beneficiaries and not for profit, and shall make\n\nprovisions for the payment of benefits in case of death and make\n\nprovision for payment of benefits in case of permanent physical\n\ndisability, as a result of accident, or old age, provided that the\n\nperiod of life at which the payment of physical disability benefits\n\non account of old age is to commence, shall not be under seventy\n\n(70) years, all subject to compliance by its members with its\n\nconstitution and bylaws. The funds from which the expenses,\n\nbenefits, aids and other charges of such associations shall be\n\ndefrayed shall be derived from assessments and dues collected from\n\nits members, provided that such association may if so stipulated in\n\nits bylaws as they now exist or as they may be hereafter amended,\n\nmake provision for the payment of old age benefits at age seventy\n\n(70) or more, regardless of disability by levying special old age\n\nbenefit assessments, beginning at an age of not less than fifty (50)\n\nyears, in such sum and at such times as the association may\n\ndetermine to be necessary to provide an old age benefit fund\n\nsufficient to meet the promised old age benefit when the same\n\nmatures, but such fund shall be separately maintained and used for\n\nno other purpose. The payment of death benefits shall be confined\n\nto wife, husband, relative by blood or marriage, children by legal\n\nadoption, to a person or persons dependent upon the member, or to\n\nhis or her estate; provided, that if after the issuance of the\n\noriginal certificate the member shall become dependent upon a\n\ncharitable institution, he or she shall have the privilege, with the\n\nconsent of such association, to make such institution his or her\n\nbeneficiary. Within the above restrictions each member shall have\n\nthe right to designate his or her beneficiary, and, from time to\n\ntime, have the same changed in accordance with the laws, rules and\n\nregulations of the association and no beneficiary shall have or\n\nobtain any vested interest in any death benefit until the same has\n\nbecome due and payable upon the death of said member; provided, that\n\nany association may, by its laws, further limit the scope of\n\nbeneficiaries with the above classes. And such association may\n\ncreate, maintain, disburse, and apply reserve or emergency funds in\n\naccordance with its constitution and bylaws. The term \"mutual\n\nbenefit association\" whenever used in any law of this state shall be\n\nconstrued to mean association such as is defined by this section.\n\nB. The provisions of this article apply only to mutual benefit\n\nassociations and such associations shall be governed by this article\n\nto the extent provided herein. Such associations shall be exempt\n\nfrom all other provisions of the insurance laws of this state except\n\nthat the provisions of Articles 1 (Scope of Title), 3 (Insurance\n\nDepartment and Insurance Commissioner), 12 (Unfair Practices and\n\nFrauds), 16 (Investments), 17 (Administration of Deposits), 18\n\n(Rehabilitation and Liquidation), 44 (Individual Accident and Health\n\nInsurance) and Sections 4002, 4024, 4028 and 4029 of Article 40\n\n(Life Insurance and Annuities) shall apply to such associations to\n\nthe extent that such provisions are not in conflict with the\n\nprovisions of this article. No law relating to insurance hereafter\n\nenacted shall apply to such associations unless they be expressly\n\ndesignated therein.","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":"041064a063bfae856192ecdd95928e55fd0ccb875bbffe4f741a1dcb1616d9f4","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-2402","next":"us-ok/okla.-stat.-tit.-36-36-2404"},"notice":"GroundRules: Original legal text. Not legal advice."}