{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-2623","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-2623","heading":"Conversion to domestic mutual insurer","body":"A. A hospital service and medical indemnity corporation, as\n\nprovided for in Article 26 of the Insurance Code, may be converted\n\nto a domestic mutual insurer as provided for in Article 21 of the\n\nInsurance Code under such plan and procedure as shall be approved by\n\nthe order of the Insurance Commissioner.\n\nB. The Commissioner shall approve any such plan or procedure if\n\nhe finds:\n\n1. That the plan would not be contrary to the interests of the\n\nsubscribers or contract holders or to the public;\n\n2. That the plan has been approved by the corporation in\n\naccordance with its articles of incorporation and bylaws;\n\n3. Upon conversion, the corporation shall have the minimum\n\nsurplus required of mutual insurers organized pursuant to Article 21\n\nof the Insurance Code;\n\n4. Upon completion of conversion to a mutual insurer as\n\nprovided for in this section, such corporation shall be subject to\n\nand comply with all laws and regulations applicable to a mutual\n\ninsurer organized pursuant to Article 21 of the Insurance Code;\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 plan provides for the protection of all existing\n\ncontractual rights of subscribers or contract holders for medical\n\nand hospital service or care or claims for reimbursement therefor,\n\nand for the mutual insurer organized pursuant to Article 21 of the\n\nInsurance Code to assume, without reincorporation, all assets and\n\nliabilities of the corporation.\n\nC. The corporation organized pursuant to Article 26 of the\n\nInsurance Code shall have such period of time as shall be specified\n\nin the order of the Commissioner to complete its conversion to a\n\nmutual insurer organized pursuant to Article 21 of the Insurance\n\nCode.","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":"d47c36cb7ec32b1f4aca18f0c436c4b9856f4628ca60e639cb1dadd820dea667","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-2622","next":"us-ok/okla.-stat.-tit.-36-36-2651"},"notice":"GroundRules: Original legal text. Not legal advice."}