Oklahoma § 36-2908 - Organization of reciprocal insurer

§ 36-2908. Organization of reciprocal insurer

A. Two or more persons domiciled in Oklahoma may organize a

domestic reciprocal insurer and make application to the Insurance

Commissioner for a certificate of authority to transact insurance.

B. The proposed attorney shall fulfill the requirements of and

shall execute and file with the Insurance Commissioner, when

applying for a certificate of authority, a declaration setting

forth:

1. The name of the insurer;

Oklahoma Statutes - Title 36. Insurance

2. The location of the insurer's principal office, which shall

be the same as that of the attorney and shall be maintained within

this state;

3. The kinds of insurance proposed to be transacted;

4. The names and addresses of the original subscribers;

5. The designation and appointment of the proposed attorney and

a copy of the power of attorney;

6. The names and addresses of the officers and directors of the

attorney, if a corporation, or its members, if a firm;

7. The powers of the subscribers' advisory committee, and the

names and terms of office of the members thereof;

8. That all monies paid to the reciprocal shall, after

deducting therefrom any sum payable to the attorney, be held in the

name of the insurer and for the purposes specified in the

subscribers' agreement;

9. A copy of the subscribers' agreement;

10. A statement that each of the original subscribers has in

good faith applied for insurance of a kind proposed to be

transacted, and that the insurer has received from each such

subscriber the full premium or premium deposit required for the

policy applied for, for a term of not less than six (6) months at an

adequate rate theretofore filed with and approved by the Insurance

Commissioner;

11. A statement of the financial condition of the insurer, a

schedule of its assets, and a statement that the surplus as required

by Section 2907 of this article is on hand; and

12. A copy of each policy, endorsement, and application form it

then proposes to issue or use.

Such declaration shall be acknowledged by the attorney in the

manner required for the acknowledgement of deeds.

Added by Laws 1957, p. 355, § 2908, operative July 1, 1957. Amended

by Laws 2006, c. 264, § 59, eff. July 1, 2006.