{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-660.4","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-660.4","heading":"Reorganization plan — requirements","body":"A plan of reorganization of a domestic mutual insurer shall\n\ninclude all of the following:\n\n1. A statement of the reasons for the proposed action;\n\n2. A description of how the plan will be carried out, including\n\nany transaction included within the plan and a description of any\n\nmutual holding company, intermediate stock holding company or other\n\ncorporation organized pursuant to the plan;\n\n3. A description of all significant terms of the\n\nreorganization;\n\n4. New or revised intercompany agreements;\n\n5. A description of the overall effect of the plan on policies\n\nissued by the converting mutual insurer. The description must show\n\nthat policyholder interests collectively are properly preserved and\n\nprotected and that the plan is fair and equitable to the\n\npolicyholders;\n\n6. The record date for determining whether a member of the\n\nconverting mutual insurer is an eligible member;\n\n7. The proposed effective date of the reorganization or the\n\nmanner in which the proposed effective date of the reorganization is\n\nestablished;\n\n8. The proposed amendments to or restatement of the articles of\n\nincorporation and bylaws of the converting mutual insurer and the\n\nproposed articles of incorporation and bylaws of any mutual holding\n\ncompany, intermediate stock holding company or other corporation\n\norganized pursuant to the plan;\n\n9. A description of any plans for the initial sale of voting\n\nstock to third parties by the converted stock insurer or any\n\nintermediate stockholding company, or a statement that the converted\n\nstock insurer or intermediate stock holding company has no current\n\nplans for the sale of voting stock;\n\n10. The intention, if any, that a director or officer of the\n\nconverting mutual insurer, mutual holding company, intermediate\n\nstock holding company or other corporation organized pursuant to the\n\nplan, within the six-month period following the effective date of\n\nthe conversion or reorganization, may purchase or acquire shares of\n\ncapital stock or other securities of an issuer to be issued pursuant\n\nto the plan; and\n\n11. A provision that all policies in force on the effective\n\ndate of the conversion or reorganization will remain in force under\n\nthe terms of those policies and that on the effective date of the\n\nreorganization, any voting rights of the members provided for under\n\nthe policies or under this title are extinguished.","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":"5c0af5b5104d0ce67145e2b843614fa0f706569fdd77a7bd422ad4573b32e8da","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-660.3","next":"us-ok/okla.-stat.-tit.-36-36-660.5"},"notice":"GroundRules: Original legal text. Not legal advice."}