{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-2408","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-2408","heading":"Reincorporation of existing associations; admission of","body":"foreign corporations or associations.\n\nAny domestic life or accident corporation, company or\n\nassociation existing or doing business in this state at the time\n\nthis article takes effect, may by a vote of a majority of its board\n\nof directors or trustees, accept the provisions of this article and\n\namend its articles of incorporation to conform to the same, so as to\n\ncover any and all of the provisions and privileges of this article\n\nthe same as if it had been originally incorporated thereunder, and\n\nit shall file amended articles of incorporation in the office of the\n\nSecretary of State, a certified copy of which shall be filed with\n\nthe Insurance Commissioner, and shall thereafter perpetually enjoy\n\nthe same and be deemed to have incorporated under the article.\n\nReincorporation, however, shall in no way annul, modify or change\n\nany of the existing contracts and liabilities of such corporation,\n\ncompany or association, and any and all such contracts and\n\nliabilities shall continue in force and effect the same as though\n\nsuch corporation, company or association had not reincorporated or\n\nqualified under this article, and neither shall such reincorporation\n\nin any way prejudice, impede, or impair any rights or pending action\n\nor proceeding previously acquired; provided, however, that nothing\n\nherein shall prevent any of the members of such corporations,\n\ncompanies or associations from accepting and coming under the terms\n\nand conditions of such reincorporation and the bylaws of such\n\nassociation, if they desire to do so. Assessment corporations or\n\nassociations organized under the laws of another state or country\n\nmay be admitted to transact business in this state, upon proper\n\napplication to the Insurance Commissioner, whenever, in his opinion,\n\nits financial condition is sound and its plan of operation such as\n\nto meet the requirements of this article. Such associations, with\n\ntheir applications, shall file a copy of their articles of\n\nincorporation or charter, bylaws, policy forms, rates, application\n\nblanks and other forms required by the Commissioner, together with a\n\ncopy of the last annual statement and a twenty thousand-dollar bond,\n\nconditioned for the prompt payment of all assessments to parties or\n\nbeneficiaries of such company, and shall pay the fees and licenses\n\nrequired by Article 3 of this Code. There shall also be filed a\n\npower of attorney, designating agent for service of process in form\n\nas now required by legal reserve life insurance companies. If all\n\nrequirements are met, the Insurance Commissioner shall issue to such\n\nassociations a certificate or license, authorizing it to transact\n\nbusiness in this state, which authority shall expire on March first\n\nfollowing and be renewed on that date annually so long as such\n\nassociation meets the requirements of this article.","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":"1ee8136d2f862661b8e38bb7bedde646b6fac77cdd0d503ae6b99029cb6e1300","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-2407","next":"us-ok/okla.-stat.-tit.-36-36-2409"},"notice":"GroundRules: Original legal text. Not legal advice."}