Title 36 — Title 36 — Insurance

36 O.S. § 2708 Repealed by Laws 1992, c. 76, § 39, eff. Jan. 1, 1993

reimbursement - Insurance. A. The officers and members of the supreme governing body or any subordinate body of a society shall not be personally liable for any benefits provided by a society. B. Any person may be indemnified and reimbursed by any society for expenses reasonably …

36 O.S. § 2709 Repealed by Laws 1992, c. 76, § 39, eff. Jan. 1, 1993

The laws of the society may provide that no subordinate body, nor any of its subordinate officers or members, shall have the power or authority to waive any of the provisions of the laws of the society. Such provision shall be binding on the society and every member and beneficia…

36 O.S. § 2710 Repealed by Laws 1992, c. 76, § 39, eff. Jan. 1, 1993

A. A domestic society organized on or after the effective date of this act shall only be formed by ten or more citizens of the United States, a majority of whom are citizens of this state, who desire to form a fraternal benefit society and who may make, sign and acknowledge befor…

36 O.S. § 2711 Repealed by Laws 1992, c. 76, § 39, eff. Jan. 1, 1993

Amendments. A. A domestic society may amend its laws in accordance with the provisions thereof by action of its supreme governing body at any regular or special meeting thereof or, if its laws so provide, by referendum. The referendum may be held in accordance with the provisions…

36 O.S. § 2712 Repealed by Laws 1992, c. 76, § 39, eff. Jan. 1, 1993

A society may create, maintain and operate, or may establish organizations to operate, not for profit institutions to further the purposes permitted by paragraph 2 of subsection A of Section 5 of this act. Such institutions may furnish services free or at a reasonable charge. Any…

36 O.S. § 2713 Repealed by Laws 1992, c. 76, § 39, eff. Jan. 1, 1993

A. A domestic society may, by a reinsurance agreement, cede any individual risk or risks in whole or in part to an insurer, other than another fraternal benefit society, having the power to make such reinsurance and authorized to do business in this state, or if not so authorized…

36 O.S. § 2714 Repealed by Laws 1992, c. 76, § 39, eff. Jan. 1, 1993

A. A domestic society may consolidate or merge with any other society by complying with the provisions of this section. It shall file with the Insurance Commissioner: 1. A certified copy of the written contract containing in full the terms and conditions of the consolidation or m…

36 O.S. § 2715 Repealed by Laws 1992, c. 76, § 39, eff. Jan. 1, 1993

life insurance company or stock legal reserve life insurance company. A. Any domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the requirements of the general insurance laws for mutual life insurance compani…

36 O.S. § 2716 Repealed by Laws 1992, c. 76, § 39, eff. Jan. 1, 1993

A. A society may provide the following contractual benefits in any form: 1. Death benefits; 2. Endowment benefits; 3. Annuity benefits; 4. Temporary or permanent disability benefits; 5. Hospital, medical or nursing benefits; 6. Monument or tombstone benefits to the memory of dece…

36 O.S. § 2717 Repealed by Laws 1992, c. 76, § 39, eff. Jan. 1, 1993

A. The owner of a benefit contract shall have the right at all times to change the beneficiary or beneficiaries in accordance with the laws or rules of the society unless the owner waives this right by specifically requesting in writing that the beneficiary designation be irrevoc…

36 O.S. § 2718 Repealed by Laws 1992, c. 76, § 39, eff. Jan. 1, 1993

No money or other benefit, charity, relief or aid to be paid, provided or rendered by any society, shall be liable to attachment, garnishment or other process, or to be seized, taken, appropriated or applied by any legal or equitable process or operation of law to pay any debt or…

36 O.S. § 2719 Repealed by Laws 1992, c. 76, § 39, eff. Jan. 1, 1993

A. Every society authorized to do business in this state shall issue to each owner of a benefit contract a certificate specifying the amount of benefits provided thereby. The certificate, together with any riders or endorsements attached thereto, the laws of the society, the appl…

36 O.S. § 2720 Repealed by Laws 1992, c. 76, § 39, eff. Jan. 1, 1993

Certificate loans or other options. A. For certificates issued prior to one (1) year after the effective date of this act, the value of every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan or other option granted shall comply with the provisions of…

36 O.S. § 2721 Repealed by Laws 1992, c. 76, § 39, eff. Jan. 1, 1993

A society shall invest its funds only in such investments as are authorized by the laws of this state for the investment of assets of life insurers and subject to the limitations thereon. Any foreign or alien society permitted or seeking to do business in this state which invests…

36 O.S. § 2722 Repealed by Laws 1992, c. 76, § 39, eff. Jan. 1, 1993

A. All assets shall be held, invested and disbursed for the use and benefit of the society and no member or beneficiary shall have or acquire individual rights therein or become entitled to any apportionment on the surrender of any part thereof, except as provided in the benefit …

36 O.S. § 2723 Repealed by Laws 1992, c. 76, § 39, eff. Jan. 1, 1993

The provisions of this act apply only to fraternal benefit societies, and societies shall be governed by this act to the extent provided herein. Societies shall be exempt from all other provisions of the insurance laws of this state except that the provisions of Article 1 (Scope …

36 O.S. § 2724 Repealed by Laws 1992, c. 76, § 39, eff. Jan. 1, 1993

Every society organized or licensed under this act is hereby declared to be a charitable and benevolent institution, and all of its funds shall be exempt from all and every state, county, district, municipal and school tax other than taxes on real estate and office equipment. Add…

36 O.S. § 2725 Repealed by Laws 1992, c. 76, § 39, eff. Jan. 1, 1993

A. Standards of valuation for certificates issued prior to one (1) year after the effective date of this act shall be those provided by the laws applicable immediately prior to the effective date of this act. B. The minimum standards of valuation for certificates issued on or aft…

36 O.S. § 2726 Repealed by Laws 1992, c. 76, § 39, eff. Jan. 1, 1993

A. Reports shall be filed in accordance with the following provisions: 1. Every society transacting business in this state shall annually, on or before the first day of March, unless for cause shown such time has been extended by the Insurance Commissioner, file with the Commissi…

36 O.S. § 2727 Repealed by Laws 1992, c. 76, § 39, eff. Jan. 1, 1993

Societies which are authorized prior to the effective date of this act to transact business in this state may continue such business until the last day of February next succeeding the effective date of this act. The authority of such societies and of all societies licensed on and…

36 O.S. § 2728 Repealed by Laws 1992, c. 76, § 39, eff. Jan. 1, 1993

A. The Insurance Commissioner, or a designee, may examine any domestic, foreign or alien society transacting or applying for admission to transact business in this state in the same manner as authorized for examination of domestic, foreign or alien insurers. Requirements of notic…

36 O.S. § 2729 Repealed by Laws 1992, c. 76, § 39, eff. Jan. 1, 1993

A. No foreign or alien society shall transact business in this state without a license issued by the Insurance Commissioner. Any society desiring admission to this state shall comply substantially with the requirements and limitations of this act applicable to domestic societies.…

36 O.S. § 2730 Repealed by Laws 1992, c. 76, § 39, eff. Jan. 1, 1993

society. A. When the Insurance Commissioner upon investigation finds that a domestic society: 1. Has exceeded its powers; 2. Has failed to comply with any provision of this article; 3. Is not fulfilling its contracts in good faith; 4. Has a membership of less than four hundred af…

36 O.S. § 2731 Repealed by Laws 1992, c. 76, § 39, eff. Jan. 1, 1993

or alien society. A. When the Insurance Commissioner upon investigation finds that a foreign or alien society transacting or applying to transact business in this state: 1. Has exceeded its powers; 2. Has failed to comply with any of the provisions of this article; 3. Is not fulf…

36 O.S. § 2732 Repealed by Laws 1992, c. 76, § 39, eff. Jan. 1, 1993

No application or petition for injunction against any domestic, foreign or alien society, or lodge thereof, shall be recognized in any court of this state unless made by the Attorney General upon request of the Insurance Commissioner. Added by Laws 1992, c. 76, § 32, eff. Jan. 1,…