{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-660.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-660.1","heading":"Definitions","body":"\n\nAs used in this act, unless the context otherwise requires:\n\n1. \"Board\" means the board of directors of a converting mutual\n\ninsurer;\n\n2. \"Conversion\" means a process by which a domestic mutual\n\ninsurer is converted to a domestic stock insurer as part of a\n\nreorganization;\n\n3. \"Converted stock insurer\" means a domestic stock insurer\n\ninto which a domestic mutual insurer is converted as part of a\n\nreorganization;\n\n4. \"Converting mutual insurer\" means a domestic mutual insurer\n\nthat is converting to a domestic stock insurer as part of a\n\nreorganization;\n\n5. \"Effective date\" means, with respect to a plan, the date on\n\nwhich the plan or a part of the plan becomes effective as set forth\n\nin an order of the Oklahoma Insurance Commissioner;\n\n6. \"Eligible member\" means a member of the converting mutual\n\ninsurer whose insurance policy is in force as of the date on which\n\nthe board adopts the plan of reorganization or on some other date\n\nthat the plan specifies as the record date and that the Insurance\n\nCommissioner approves;\n\n7. \"Intermediate stock holding company\" means a corporation\n\nthat satisfies all of the following:\n\na. the corporation was incorporated under Title 18 of the\n\nOklahoma Statutes,\n\nb. a mutual holding company holds directly or indirectly\n\nat least a majority of the corporation's voting stock,\n\nand\n\nc. the corporation holds directly or indirectly at least\n\na majority of the voting stock of a converted stock\n\ninsurer;\n\n8. \"Member\" means:\n\na. with respect to a domestic mutual insurer, a member as\n\ndescribed in Section 2115 of Title 36 of the Oklahoma\n\nStatutes, or\n\nb. with respect to a mutual holding company, any holder\n\nof one or more policies of insurance, other than a\n\npolicy of reinsurance, issued by the converted stock\n\ninsurer resulting from a reorganization involving the\n\norganization of a mutual holding company and, if\n\npermitted under the articles of incorporation or\n\nbylaws of the mutual holding company, may include any\n\nholder of one or more policies of insurance, other\n\nthan a policy of reinsurance, issued by any other\n\ninsurer that is a direct or indirect subsidiary or\n\naffiliate of the mutual holding company;\n\n9. \"Membership interest\" means:\n\na. with respect to a converting mutual insurer, a member\n\nof a domestic mutual insurer shall have the same\n\ncharacter of rights and relationship as a stockholder\n\nhas toward a domestic stock insurer, with respect to\n\nthe management, records, and affairs of the insurer,\n\nor\n\nb. with respect to a mutual holding company on and after\n\nthe effective date of the plan, any right that a\n\nmember of the mutual holding company may hold by\n\nvirtue of membership in the mutual holding company\n\narising under the articles of incorporation and bylaws\n\nof the mutual holding company, including the right to\n\nvote for the board;\n\n10. \"Mutual holding company\" means a corporation that is formed\n\nand existing under the laws of this state and pursuant to the\n\nreorganization of a mutual insurance company;\n\n11. \"Plan\" means a plan of reorganization;\n\n12. \"Reorganization\" means a process by which a domestic mutual\n\ninsurer is converted to a domestic stock insurer and a mutual\n\nholding company is organized; and\n\n13. \"Voting stock\" means:\n\na. stock of any class or any percentage ownership\n\ninterest having voting power for the election of\n\ndirectors, trustees or management, and\n\nb. includes stock having voting power only by reason of\n\nthe happening of a contingency.","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":"c5e694bce2a2c6a7b4d219b82902df7e058cff672c2900c2216943d58bb8fff8","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-6596","next":"us-ok/okla.-stat.-tit.-36-36-660.10"},"notice":"GroundRules: Original legal text. Not legal advice."}