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0 chapters · 1,670 sections in this title.
36 O.S. § 2126.4 Proxies, consents and authorizations of domestic stock
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insurers. A. Application of Act. This act is applicable to all domestic stock insurers having ten or more stockholders and to all persons who shall solicit, or permit the use of his name to solicit, by mail or otherwise, any proxy, consent or authorization in respect of any stock…
36 O.S. § 2127 Management and exclusive agency contracts
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A. No domestic stock or mutual insurer shall make any contract whereby any person or persons is granted or is to enjoy in fact the management of the insurer, or to have the controlling or preemptive right to produce substantially all insurance business for the insurer for an amou…
36 O.S. § 2128 Impairment of capital or assets
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A. If the capital stock or expendable surplus of a domestic stock insurer is impaired to an extent of less than twenty percent (20%) of the required capital stock or expendable surplus, or the net surplus of a domestic mutual insurer is impaired to an extent of less than twenty p…
36 O.S. § 2129 Mutualization of stock insurer
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A. A domestic stock insurer other than a life or title insurer may become a domestic mutual insurer pursuant to such plan and procedure as may be approved in advance by the Insurance Commissioner. B. The Commissioner shall not approve any such plan, procedure, or mutualization un…
36 O.S. § 2130 Converting mutual insurer
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A. A domestic mutual insurer may become a domestic stock insurer pursuant to such plan and procedure as is approved in advance by the Insurance Commissioner. B. The Commissioner shall not approve any such plan or procedure unless: 1. Equitable to the insurer's members; 2. Subject…
36 O.S. § 2132 Reinsurance, stock insurers
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A. A domestic stock insurer may accept reinsurance for the same kind of insurance and within the same limits as it is authorized to transact direct, unless such reinsurance is prohibited by its articles of incorporation. B. A domestic stock insurer may reinsure all or substantial…
36 O.S. § 2133 Mergers and consolidations, mutual insurers
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A. A domestic mutual insurer shall not merge or consolidate with a stock insurer. B. A domestic mutual insurer may merge or consolidate with another mutual insurer in accordance with procedures prescribed by general laws applying to corporations formed for profit, except as herei…
36 O.S. § 2134 Reinsurance, mutual insurers
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A. A domestic mutual insurer may accept reinsurance for the same kinds of insurance and within the same limits as it is authorized to transact direct unless such reinsurance is prohibited by its articles of incorporation. B. A domestic mutual insurer may reinsure all or any part …
36 O.S. § 2135 Mutual member's share of assets on liquidation
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A. Upon any liquidation of a domestic mutual insurer, its assets remaining after discharge of its indebtedness, policy obligations, repayment of contributed or borrowed surplus, if any, and expenses of administration, shall be distributed to existing persons who were its members …
36 O.S. § 2201 Short title
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Sections 58 through 66 of this act shall be known and may be cited as the “Oklahoma Medical Professional Liability Trusts Act”. Added by Laws 2004, c. 368, § 58, eff. July 1, 2004.
36 O.S. § 2202 Definitions
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As used in the Oklahoma Medical Professional Liability Trusts Act: 1. “Allied health care professional” shall mean a physician’s assistant, a certified registered nurse anesthetist or a nurse practitioner who is duly licensed by the appropriate licensing entity of the state and i…
36 O.S. § 2203 Creation of trust – Conditions – Entities insured – Law
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governing reserves and surplus – Conversion of domestic stock insurers. A. An association may create a trust to self-insure physicians, allied health care professionals or health care institutions against medical professional liability claims and related risks upon complying with…
36 O.S. § 2204 Statements and reports – Taxes, fees and penalties
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A. A medical professional liability trust shall file the following items with the Commissioner: 1. Within forty-five (45) days after the end of each of the first three quarterly periods of each fiscal year, a statement of the assets and liabilities of the trust as of the end of t…
36 O.S. § 2205 Trust instrument – Mandatory provisions
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In addition to the requirements of Section 60 of this act, the trust instrument shall provide: 1. That there shall be a minimum period during which any insured must participate in the trust; 2. That all insureds shall execute a participation agreement; 3. That the trustee shall b…
36 O.S. § 2206 Minimum reserves and surplus
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The total of the reserves and surplus of a trust organized under the Oklahoma Medical Professional Liability Trusts Act, in excess of the amount necessary to support the trust’s retention, must equal or exceed forty percent (40%) of a range of values that makes reasonable provisi…
36 O.S. § 2207 Guaranty funds – Membership or financial contribution to
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or benefit from. No trust created pursuant to the Oklahoma Medical Professional Liability Trusts Act shall be permitted to join or contribute financially to any insurance insolvency guaranty fund or similar entity, nor shall any trust or its insureds receive any benefit from any …
36 O.S. § 2208 Duties of Commissioner – Review and evaluation
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A. The Insurance Commissioner shall annually review negotiations between the trust and any entity to provide administrative, claim, underwriting or claim management services or excess insurance, aggregate excess insurance and reinsurance to the trust. B. The Commissioner shall, a…
36 O.S. § 2401 Mutual benefit associations legalized
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All associations or companies or corporations doing an assessment life, health or accident insurance business in this state on the first day of January, 1925, on the assessment or mutual benefit plan, known as group or circle associations, or otherwise, and defined in this articl…
36 O.S. § 2402 Formation - Prerequisites to transaction of business -
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Articles of association. Any number of persons, being citizens of the United States, not less than seven, five of whom shall also be citizens and residents of the state of Oklahoma, desiring to form a mutual benefit association, may associate themselves together and effect such o…
36 O.S. § 2403 Associations carried on for benefit of members -
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Provision of benefits - Application of other laws. A. Associations, companies or corporations organized as mutual benefit associations shall be carried on for the benefit of their members or their beneficiaries and not for profit, and shall make provisions for the payment of bene…
36 O.S. § 2404 Provisions applicable to mutual benefit associations
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A. The following provisions are made applicable to mutual benefit associations: 1. The bylaws of such associations shall provide for periodical meetings of the members and how special meetings may be called. At such meetings each member shall be entitled to vote on all questions …
36 O.S. § 2405 Level or stipulated assessments – Definition - Policy to
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specify amount payable - Refusal to pay - Solvency - Legal reserve life insurance - Policy to make this section part thereof - Age limits – Beneficiaries - No mutual benefit associations formed hereafter. Mutual benefit associations authorized to do business in this state, may pr…
36 O.S. § 2406 Bond of custodian of funds - Nonpayment of benefits or
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claims - Emergency or reserve fund - Merger, consolidation or transfer of business and property. Before any mutual benefit association shall do business in this state, under this article, it shall file in the office of the Insurance Commissioner, a bond of the official custodian …
36 O.S. § 2407 Permit to do business; fee; filing of copies of
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certificates, application blanks and bylaws. A. The Insurance Commissioner, upon the application of any mutual benefit association having the right to do business in this state, as provided in this article, shall issue to such association a permit in writing, authorizing such ass…
36 O.S. § 2408 Reincorporation of existing associations; admission of
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foreign corporations or associations. Any domestic life or accident corporation, company or association existing or doing business in this state at the time this article takes effect, may by a vote of a majority of its board of directors or trustees, accept the provisions of this…
36 O.S. § 2409 Agents - Notice of appointment
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No mutual benefit association shall employ paid agents without first filing notice of appointment with the Insurance Commissioner and paying the fees therefor stated in Section 348.1, Article 3 of this Code; provided, that nothing herein shall prevent such associations granting m…
36 O.S. § 2410 Benefits not liable to attachments
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The money or other benefit to be paid, provided or rendered by any association authorized to do business under this article, shall not be liable to attachment by trustee, garnishee or other process. Laws 1957, p. 320, § 2410.
36 O.S. § 2411 Dues - Emergency fund - Additional assessments
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A. Every mutual benefit association doing business in this state under the provisions hereof shall by its bylaws provide for the payment by its members of sufficient dues to cover the expenses of conducting the business of such association and for such assessments as may be neces…
36 O.S. § 2412 Medical examination of applicant; warranties and
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certificates in lieu of examination; concealment or misrepresentation. A. Applicants for membership in mutual benefit associations shall be required to pass a medical or physical examination, if required by the bylaws of the association; or benefit certificates may be issued upon…
36 O.S. § 2413 Reports; examination of records
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Every mutual benefit association doing business within this state under this article, shall on or before the last day of February, of each year, make and file with the Insurance Commissioner of this state, a report and a statement of its affairs, business and operations, during t…
36 O.S. § 2414 Funds; investments of
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No mutual benefit association which may do business in this state, under this article, shall invest any of its mortuary, reserve or emergency fund except in accordance with the laws of this state, relating to investment of funds of domestic stock insurance companies doing a simil…
36 O.S. § 2415 Annual meetings; quorum; vacancies; special meetings
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Mutual benefit associations shall hold annual meetings on a definite day in each year, to be fixed in their bylaws, for the election of officers thereof and to transact such other business as may properly come before such meetings, and due notice of such meetings shall be given t…
36 O.S. § 2416 Appeals from orders, rulings, or acts of insurance
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commissioner. Any association doing business in this state, under the provisions of this article, which may be dissatisfied with any notice, order, ruling or act of the Insurance Commissioner, may appeal from the same pursuant to the provisions of Article 3 of this Code. Laws 195…
36 O.S. § 2417 Misdemeanor; violation of article
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Any officer of a corporation subject to the provisions of this article, and any person or agent representing such corporation, who shall transact, or attempt to transact, in any manner whatever, any business in this state until such corporation has complied with the provisions of…
36 O.S. § 2418 Legal reserve life insurance company, conversion into
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adoption of plan. Any mutual benefit association may convert itself into a stock legal reserve life insurance company under an amended charter. The plan of conversion shall be adopted at any regular annual policyholders' meeting of such association. Amended articles of incorporat…
36 O.S. § 2419 Amended articles of incorporation; filing
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The amended articles of incorporation so adopted shall be filed with the Secretary of State. Laws 1957, p. 323, § 2419.
36 O.S. § 2420 Policyholders; rights to purchase stock; sale of stock
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not purchased. If such mutual benefit association be converted into a stock legal reserve life insurance company each and every policyholder or certificate holder shall have the exclusive right for thirty (30) days after the conversion is approved at the policyholders' meeting an…
36 O.S. § 2421 Reorganization and conversion complete when; rights of
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reorganized corporations. When such mutual benefit association shall have complied with the provisions of this article and shall have received from the Insurance Commissioner a certificate of authority to transact business in this state as a legal reserve life insurance company, …
36 O.S. § 2422 Creditors' rights; liens; contracts; pending suits
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The rights of creditors and all liens upon the property of the former mutual benefit association shall be preserved unimpaired and all debts, liabilities, contracts and duties of the former mutual benefit association shall thenceforth attach to the reorganized and converted organ…
36 O.S. § 2501 Organization authorized; purpose
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Any number of persons, not less than five, a majority of whom being citizens and residents of the State of Oklahoma, may associate themselves and form a company, for the purpose of making insurance on the lives of individuals, with a stipulated premium, as defined and regulated h…
36 O.S. § 2502 Designation as corporators; articles of agreement
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contents; approval by insurance commissioner; filing and recording. The persons mentioned in Section 2501 shall be designated as corporators, and such persons shall associate themselves by articles of agreement in writing, duly signed and acknowledged, setting forth: First: The c…
36 O.S. § 2503 Certificate of authority to do business - Deposit of
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securities with State Treasurer. No such corporation, company or association shall commence the business of insurance until the Insurance Commissioner shall have certified that it has complied with the provisions of this article, and is authorized to transact the business of insu…
36 O.S. § 2504 Companies to which applicable; application of other laws
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use of term "stipulated premium". Any corporation, company or association issuing policies or certificates promising money or other benefits to a member or policyholder, or, upon his decease, to his legal representatives, or to beneficiaries designated by him, which money or bene…
36 O.S. § 2505 Valuation of outstanding policies; computation
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Each and every company incorporated transacting business under the provisions of this article shall annually make valuations of all outstanding policies of life insurance as of December 31st of each year, computed upon a calculation which shall show a value not less than that sho…
36 O.S. § 2506 Inapplicability to burial associations or assessment
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companies. The provisions of this article shall not apply to burial associations or assessment companies. Laws 1957, p. 325, § 2506.
36 O.S. § 2507 Requisites of policy; liability on policy
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Every policy hereafter issued by any corporation, company or association doing business under the provisions of this article and promising any payments to be made upon a contingency provided for in this article, shall specify the sum of money which it promises to pay upon each co…
36 O.S. § 2508 Personal liability
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No person shall incur any personal liability for the losses or liabilities of any corporation, company or association transacting business under the provisions of this article by reason of being a member or policyholder in such corporation. Laws 1957, p. 325, § 2508.
36 O.S. § 2509 Consolidation of companies; transfer or reinsurance of
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risks. No stipulated premium insurance company or association organized under this article shall consolidate with another company or transfer or reinsure its risks with any other corporation, company or association or assume or reinstate the whole or any part of the risks of any …
36 O.S. § 2510 Attachment or other process; benefits not subject to
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The money or other benefit, charity, relief or aid to be paid, provided or rendered by any corporation, company or association authorized to do business under this article, shall not be liable to attachment or other process, and shall not be seized, taken, appropriated or applied…
36 O.S. § 2511 Existing corporations; amendments of articles of
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incorporation; effect of reincorporation. Any domestic life or accident and health corporation, company or association existing or doing business in this state on April 9, 1923, may, by the vote of a majority of its board of directors or trustees, accept the provisions of this ar…