{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-6031","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-6031","heading":"Report of holdings and change in ownership - Unfair use","body":"of information - Recovery of profits.\n\nA. Every person who is directly or indirectly the beneficial\n\nowner of more than ten per cent (10%) of any class of equity\n\nsecurity of an insurer or who is a director or officer of such\n\ninsurer shall file in the office of the Insurance Commissioner\n\nwithin (10) ten days after becoming such beneficial owner, director\n\nor officer a statement, in such form and detail and subject to such\n\nrules as the Insurance Commissioner may prescribe, of the amount of\n\nall equity securities of such insurer of which he or she is the\n\nbeneficial owner, director or officer within ten (10) days after the\n\nclose of each calendar month thereafter, if there has been a change\n\nin such ownership during such month, shall file in the office of the\n\nInsurance Commissioner a statement, in such form and detail and\n\nsubject to such rules as the Insurance Commissioner may prescribe,\n\nindicating his or her ownership at the close of the calendar month\n\nand such changes in his or her ownership as have occurred during\n\nsuch calendar month.\n\nB. For the purpose of preventing the unfair use of information\n\nwhich may have been obtained by such beneficial owner, director or\n\nofficer by reason of his or her relationship to such insurer, any\n\nprofit realized by him or her from any purchase and sale or any sale\n\nand purchase, of any equity security of such insurer within any\n\nperiod of less than two (2) years subsequent to the incorporation of\n\nthe insurer, shall inure to and be recoverable by the insurer,\n\nunless such equity security was acquired in good faith in connection\n\nwith a debt previously contracted, irrespective of any intention on\n\nthe part of such beneficial owner, director or officer in entering\n\ninto such transaction.\n\nC. Suit to recover such profit may be instituted at law or in\n\nequity in any court of competent jurisdiction by the insurer or by\n\nthe owner of any equity security of the insurer in the name and in\n\nbehalf of the insurer if the insurer shall fail or refuse to bring\n\nsuch suit within sixty (60) days after request or shall fail\n\ndiligently to prosecute the same thereafter. If no suit to recover\n\nsuch profit is so filed within six (6) months following the date\n\nsuch profit was realized or accrued or if at any time such suit is\n\nnot diligently prosecuted, the Insurance Commissioner may file or\n\nprosecute such suit for and on behalf of the insurer at the expense\n\nof the insurer.","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":"8f67791a724d463a3a34f792e21f417425728b09ebf0063aa4f3cb5045c98b85","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-603","next":"us-ok/okla.-stat.-tit.-36-36-6032"},"notice":"GroundRules: Original legal text. Not legal advice."}