Oklahoma § 36-660.5

§ 36-660.5.

Commissioner review.

Oklahoma Statutes - Title 36. Insurance

A. The Oklahoma Insurance Commissioner shall review a plan of

reorganization that is submitted to the Commissioner. On review,

the Commissioner shall approve the plan if the Commissioner finds

all of the following:

1. The applicable provisions of this act, and other applicable

provisions of law, have been fully met;

2. The plan protects the rights of policyholders;

3. The plan is fair and equitable to the members and the plan

does not prejudice the interests of the members;

4. The converted stock insurer has capital or surplus, or any

combination thereof, that is required of a domestic stock insurer on

initial authorization to transact like kinds of insurance, and

otherwise is able to satisfy the requirements of this state for

transacting its insurance business;

5. The plan does not substantially reduce the security of the

policyholders and the service to be rendered to the policyholders;

6. The financial condition of the mutual holding company or any

subsidiary of the mutual holding company does not jeopardize the

financial stability of the converted stock insurer;

7. The financial condition of the converting mutual insurer is

not jeopardized by the conversion or reorganization, and the

conversion or reorganization does not jeopardize the financial

stability of the mutual holding company or any subsidiary of the

mutual holding company; and

8. The competence, experience and integrity of those persons

who control the operation of the converted stock insurer are not

contrary to the interests of policyholders of the converted stock

insurer and of the public in allowing the plan to proceed.

B. To the extent the plan contains a provision that allows for

the acquisition or merger of other insurance companies, the

Commissioner shall gauge the effect of the merger or other

acquisition of control and whether it would substantially lessen

competition in the insurance industry in this state or tend to

create a monopoly. The Commissioner shall not approve a plan that

fails to meet this standard.

C. An approval of a plan by the Commissioner expires if the

plan is not carried out within one (1) year after the date of the

approval, unless the Commissioner extends the time period for good

cause on written application for such extension.

D. The Commissioner may retain, at the expense of the

converting mutual insurer, qualified experts not otherwise a part of

the staff of the Department to assist in reviewing the plan and

supplemental documents.

E. The Commissioner may hold a hearing for the purposes of

receiving comments on whether a plan should be approved and on any

other matter relating to the reorganization. The hearing, if held,

shall be held within sixty (60) days after the Commissioner receives

Oklahoma Statutes - Title 36. Insurance

a completed filing of the plan and all information required by the

Commissioner.

Added by Laws 2024, c. 194, § 5, eff. Nov. 1, 2024.