Oklahoma § 36-660.1

§ 36-660.1.

Definitions.

Oklahoma Statutes - Title 36. Insurance

As used in this act, unless the context otherwise requires:

1. "Board" means the board of directors of a converting mutual

insurer;

2. "Conversion" means a process by which a domestic mutual

insurer is converted to a domestic stock insurer as part of a

reorganization;

3. "Converted stock insurer" means a domestic stock insurer

into which a domestic mutual insurer is converted as part of a

reorganization;

4. "Converting mutual insurer" means a domestic mutual insurer

that is converting to a domestic stock insurer as part of a

reorganization;

5. "Effective date" means, with respect to a plan, the date on

which the plan or a part of the plan becomes effective as set forth

in an order of the Oklahoma Insurance Commissioner;

6. "Eligible member" means a member of the converting mutual

insurer whose insurance policy is in force as of the date on which

the board adopts the plan of reorganization or on some other date

that the plan specifies as the record date and that the Insurance

Commissioner approves;

7. "Intermediate stock holding company" means a corporation

that satisfies all of the following:

a.

the corporation was incorporated under Title 18 of the

Oklahoma Statutes,

b.

a mutual holding company holds directly or indirectly

at least a majority of the corporation's voting stock,

and

c.

the corporation holds directly or indirectly at least

a majority of the voting stock of a converted stock

insurer;

8. "Member" means:

a.

with respect to a domestic mutual insurer, a member as

described in Section 2115 of Title 36 of the Oklahoma

Statutes, or

b.

with respect to a mutual holding company, any holder

of one or more policies of insurance, other than a

policy of reinsurance, issued by the converted stock

insurer resulting from a reorganization involving the

organization of a mutual holding company and, if

permitted under the articles of incorporation or

bylaws of the mutual holding company, may include any

holder of one or more policies of insurance, other

than a policy of reinsurance, issued by any other

insurer that is a direct or indirect subsidiary or

affiliate of the mutual holding company;

9. "Membership interest" means:

Oklahoma Statutes - Title 36. Insurance

a.

with respect to a converting mutual insurer, a member

of a domestic mutual insurer shall have the same

character of rights and relationship as a stockholder

has toward a domestic stock insurer, with respect to

the management, records, and affairs of the insurer,

or

b.

with respect to a mutual holding company on and after

the effective date of the plan, any right that a

member of the mutual holding company may hold by

virtue of membership in the mutual holding company

arising under the articles of incorporation and bylaws

of the mutual holding company, including the right to

vote for the board;

10. "Mutual holding company" means a corporation that is formed

and existing under the laws of this state and pursuant to the

reorganization of a mutual insurance company;

11. "Plan" means a plan of reorganization;

12. "Reorganization" means a process by which a domestic mutual

insurer is converted to a domestic stock insurer and a mutual

holding company is organized; and

13. "Voting stock" means:

a.

stock of any class or any percentage ownership

interest having voting power for the election of

directors, trustees or management, and

b.

includes stock having voting power only by reason of

the happening of a contingency.

Added by Laws 2024, c. 194, § 1, eff. Nov. 1, 2024.