{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-660.6","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-660.6","heading":"Mutual holding company — Jurisdiction — Member rights","body":"and obligations.\n\nA. A mutual holding company is not an insurer for the purposes\n\nof this act.\n\nB. A mutual holding company may not dissolve or liquidate\n\nwithout approval by the Oklahoma Insurance Commissioner or unless\n\nrequired by judicial order. The Commissioner retains jurisdiction\n\nover a mutual holding company, any intermediate stock holding\n\ncompany, and any subsidiary of an intermediate stock holding company\n\nas provided in this act.\n\nC. The members of a mutual holding company have the rights and\n\nobligations set forth in this act and in the articles of\n\nincorporation and bylaws of the mutual holding company. A member of\n\na mutual holding company may not transfer membership in the mutual\n\nholding company or any right arising from such membership. Such\n\nlimitation on the transfer of membership or rights arising from\n\nmembership does not restrict the assignment of a policy that is\n\notherwise permissible. A member of a mutual holding company is not\n\npersonally liable for the acts, debts, liabilities or obligations of\n\nthe mutual holding company merely by reason of being a member. An\n\nassessment of any kind may not be imposed on a member of a mutual\n\nholding company. Any premium due under an insurance policy or\n\ncontract issued to a member of a mutual holding company is not\n\nconsidered an assessment.\n\nD. A membership interest in a mutual holding company does not\n\nconstitute a security.\n\nE. Each member of a mutual holding company is entitled to one\n\nvote on each matter coming before a meeting of the members and for\n\neach director to be elected regardless of the number of policies or\n\namount of insurance and benefits held by such member. The mutual\n\nholding company's bylaws shall set forth the voting rights of the\n\nmembers of a mutual holding company.\n\nF. Meetings of the members of a mutual holding company shall be\n\ngoverned in the same manner as if the mutual holding company were a\n\ndomestic mutual insurer, including provisions governing quorum\n\nrequirements, the approval of matters by the members and the\n\nelection of directors by the members.\n\nG. The articles of incorporation of a mutual holding company\n\nshall contain all the following provisions:\n\n1. The name of the mutual holding company. The name shall\n\ninclude the words \"mutual holding company\" or \"mutual insurance\n\nholding company\" or other words connoting the mutual character of\n\nthe mutual holding company that are approved by the Commissioner;\n\n2. A provision specifying that the mutual holding company is\n\nnot authorized to issue capital stock, whether voting or nonvoting;\n\nand\n\n3. A provision setting forth any rights of the members of the\n\nmutual holding company on dissolution or liquidation.\n\nH. A mutual holding company shall automatically be a party to\n\nany rehabilitation or liquidation proceeding involving the converted\n\nstock insurer that, as a result of a reorganization, is a direct or\n\nindirect subsidiary of the mutual holding company. In such a\n\nproceeding, the assets of the mutual holding company shall be\n\ncounted as assets of the estate of the converted stock insurer for\n\nthe purpose of satisfying the claims of the policyholders of the\n\nconverted stock 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":"a372c1c9f6e3395a25746c575cb06da177cc57896e9f4666a5314099d87aede0","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-660.5","next":"us-ok/okla.-stat.-tit.-36-36-660.7"},"notice":"GroundRules: Original legal text. Not legal advice."}