{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-6032","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-6032","heading":"Limitation on sales of equity securities of certain","body":"domestic life insurance companies.\n\nA. Not more than forty-nine percent (49%) of the equity\n\nsecurities of any insurer shall be sold to any person, firm,\n\ncorporation or trustee or nominee thereof where said insurer has\n\nbeen organized within two (2) years preceding the acquisition of\n\nsuch equity securities, unless the stock so sold or acquired shall\n\nhave been at a price not less than the highest market value of such\n\nstock during two (2) years subsequent to incorporation or the\n\nhighest price at which such stock is offered to the public during\n\ntwo (2) years subsequent to incorporation, whichever sum is the\n\ngreater. Should more than forty-nine percent (49%) of the equity\n\nsecurities of any insurer be sold to any person, firm, corporation\n\nor trustee or nominee thereof at a price less than the highest\n\nmarket price or the highest price such stock is offered to the\n\npublic during the first two (2) years subsequent to incorporation,\n\nsuch excess between the purchase price and such highest market or\n\nhighest offering price shall inure to and be recoverable by the\n\ninsurer, unless such equity security was acquired in good faith in\n\nconnection with a debt previously contracted, irrespective of any\n\nintention on the part of such purchaser in entering into such\n\ntransaction.\n\nB. 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 of and\n\nin behalf of the insurer if the insurer shall fail or refuse to\n\nbring suit within sixty (60) days after request or shall fail to\n\ndiligently prosecute the same thereafter. If no suit to recover the\n\ndifference between the purchase price and such highest market or\n\nhighest offered price is filed within six (6) months after the\n\nrealization of such profit or after the expiration of two (2) years\n\nsubsequent to the incorporation of the insurer, or if at any time\n\nsuch suit is not diligently prosecuted, the Insurance Commissioner\n\nmay file or prosecute such suit for and on behalf of the insurer at\n\nthe expense of the insurer.\n\nC. If the Insurance Commissioner shall find from substantial\n\nevidence submitted that for the best interest of the policyholders\n\nor creditors of an insurer the Commissioner should approve some plan\n\nof merger, consolidation, rehabilitation or sale of such insurer but\n\nis prevented or hindered from doing so because of the provisions of\n\nthis section, the Commissioner may order that said transaction be\n\nexempt from the provisions of this section.","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":"43038dfa1c1f2d073fb34c414a3bdf2e878226e760b9be3eca89accbc9a8c986","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-6031","next":"us-ok/okla.-stat.-tit.-36-36-6033"},"notice":"GroundRules: Original legal text. Not legal advice."}