{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-2404","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-2404","heading":"Provisions applicable to mutual benefit associations","body":"A. The following provisions are made applicable to mutual\n\nbenefit associations:\n\n1. The bylaws of such associations shall provide for periodical\n\nmeetings of the members and how special meetings may be called. At\n\nsuch meetings each member shall be entitled to vote on all questions\n\narising, either in person or by proxy, and such proxy may be given\n\nin the application for membership.\n\n2. The bylaws shall provide for the calling of extra, increased\n\nor additional assessments when in the opinion of the board of\n\ndirectors such is necessary.\n\n3. The bylaws may provide for the issuing of graded membership\n\ncertificates to persons not to exceed seventy-two (72) years of age,\n\nand for the grading of rates of assessment according to the age of\n\nmembers; provided that the premium or assessment charged on policies\n\nor certificates insuring individuals over age seventy-two (72) shall\n\nnot be less than the net rate produced by using the American\n\nExperience Table of Mortality with interest assumption at three and\n\none-half percent (3 1/2%) plus ten percent (10%).\n\n4. Such associations shall have the right to regulate and\n\ngovern their affairs as provided and set forth in their respective\n\nbylaws, so long as such bylaws are not in conflict with any law of\n\nthis state. The membership shall be bound by the bylaws of the\n\nassociation as the same exist at the time of joining or as they may\n\nbe amended in the future. Provided, no amendment to such bylaws\n\naffecting the policy contract or rate of contribution of the\n\nmembership shall become valid and binding upon the membership unless\n\nnotice of such proposed change in the bylaws is given each member of\n\nsuch association at least twenty (20) days prior to any annual\n\nmeeting or special meeting of such association called to consider\n\nsuch proposed amendment and a certified copy thereof is filed with\n\nthe Insurance Commissioner and approved by the Commissioner;\n\nprovided further, that no notice of such proposed amendment shall be\n\nrequired if the same is adopted in compliance with any of the\n\nprovisions of this article or a notice or order of the Insurance\n\nCommissioner made in pursuance thereof. Bylaws or amendments\n\nthereto, which are not in conflict with any of the provisions of\n\nthis article, shall be approved by the Insurance Commissioner.\n\n5. The affairs of such associations shall be conducted strictly\n\nin accordance with their respective bylaws herein provided for. Such\n\nbylaws duly certified to by the president and secretary shall be\n\nfiled with the Insurance Commissioner, and copies of such, duly\n\ncertified by the Commissioner, shall be received in evidence in all\n\ncourts of this state.\n\n6. In all actions against assessment insurance companies or\n\nagainst the bonds or bondsmen of such companies by any policyholder\n\nor beneficiary, it shall not be necessary to notify or summon the\n\nother policyholders or beneficiaries, but it shall be sufficient to\n\nbring such company into court by usual summons on the secretary or\n\npresident or managing agent thereof, and in suits upon the bond by\n\nordinary services as in other cases upon the several bondsmen sued.\n\n7. In case the membership of any such association is divided\n\ninto circles, classes or groups, upon the membership of which\n\nassessments are made to cover benefits or to replenish the mortuary\n\nor benefit fund, no benefit assessment shall be made upon any other\n\ncircle, class or group to which the insured member does or did not\n\nbelong to cover such benefit paid or to be paid.\n\nB. No circle, class or group shall be established unless a\n\nsufficient number of members be placed therein and a regular benefit\n\nassessment collected therefrom will produce an amount sufficient to\n\npay in full the face amount of the policy issued for which the\n\nassessment was levied, and each and every circle, class or group\n\nshall be maintained up to the number placed therein when such\nbe paid.\n\nB. No circle, class or group shall be established unless a\n\nsufficient number of members be placed therein and a regular benefit\n\nassessment collected therefrom will produce an amount sufficient to\n\npay in full the face amount of the policy issued for which the\n\nassessment was levied, and each and every circle, class or group\n\nshall be maintained up to the number placed therein when such\n\ncircle, class, or group was established; provided, that not more\n\nthan one circle, class or group shall remain incomplete.","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":"e81373f3b4960f7bbbc405ef639b0f2cef168138cee9e7edf7c217c48de8e93b","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-2403","next":"us-ok/okla.-stat.-tit.-36-36-2405"},"notice":"GroundRules: Original legal text. Not legal advice."}