{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-660.5","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-660.5","heading":"Commissioner review","body":"\n\nA. The Oklahoma Insurance Commissioner shall review a plan of\n\nreorganization that is submitted to the Commissioner. On review,\n\nthe Commissioner shall approve the plan if the Commissioner finds\n\nall of the following:\n\n1. The applicable provisions of this act, and other applicable\n\nprovisions of law, have been fully met;\n\n2. The plan protects the rights of policyholders;\n\n3. The plan is fair and equitable to the members and the plan\n\ndoes not prejudice the interests of the members;\n\n4. The converted stock insurer has capital or surplus, or any\n\ncombination thereof, that is required of a domestic stock insurer on\n\ninitial authorization to transact like kinds of insurance, and\n\notherwise is able to satisfy the requirements of this state for\n\ntransacting its insurance business;\n\n5. The plan does not substantially reduce the security of the\n\npolicyholders and the service to be rendered to the policyholders;\n\n6. The financial condition of the mutual holding company or any\n\nsubsidiary of the mutual holding company does not jeopardize the\n\nfinancial stability of the converted stock insurer;\n\n7. The financial condition of the converting mutual insurer is\n\nnot jeopardized by the conversion or reorganization, and the\n\nconversion or reorganization does not jeopardize the financial\n\nstability of the mutual holding company or any subsidiary of the\n\nmutual holding company; and\n\n8. The competence, experience and integrity of those persons\n\nwho control the operation of the converted stock insurer are not\n\ncontrary to the interests of policyholders of the converted stock\n\ninsurer and of the public in allowing the plan to proceed.\n\nB. To the extent the plan contains a provision that allows for\n\nthe acquisition or merger of other insurance companies, the\n\nCommissioner shall gauge the effect of the merger or other\n\nacquisition of control and whether it would substantially lessen\n\ncompetition in the insurance industry in this state or tend to\n\ncreate a monopoly. The Commissioner shall not approve a plan that\n\nfails to meet this standard.\n\nC. An approval of a plan by the Commissioner expires if the\n\nplan is not carried out within one (1) year after the date of the\n\napproval, unless the Commissioner extends the time period for good\n\ncause on written application for such extension.\n\nD. The Commissioner may retain, at the expense of the\n\nconverting mutual insurer, qualified experts not otherwise a part of\n\nthe staff of the Department to assist in reviewing the plan and\n\nsupplemental documents.\n\nE. The Commissioner may hold a hearing for the purposes of\n\nreceiving comments on whether a plan should be approved and on any\n\nother matter relating to the reorganization. The hearing, if held,\n\nshall be held within sixty (60) days after the Commissioner receives\n\na completed filing of the plan and all information required by the\n\nCommissioner.","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":"0ad643f5c0393ab4c5a15758fe9fa5bac10a031436a42880efb730ea68c6a4eb","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-660.4","next":"us-ok/okla.-stat.-tit.-36-36-660.6"},"notice":"GroundRules: Original legal text. Not legal advice."}