Okla. Stat. tit. 36, § 36-2109
This is the official text of Okla. Stat. tit. 36, § 36-2109, part of Oklahoma’s Stat. tit. 36, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 36,." Browse the sections below, each linked to its official government source.
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Applications for insurance in formation of mutual
Official statutory text
insurers.
A. Upon issuance of its certificate of incorporation as
provided in subsection B of Section 2107 of this article, the
directors and officers of a domestic mutual corporation formed for
the purpose of becoming a mutual insurer may open books for the
Oklahoma Statutes - Title 36. Insurance Page 627
registration of such requisite applications for insurance policies
as they may accept, and may receive deposits of premiums thereon.
B. All such applications shall be in writing signed by the
applicant, covering subjects of insurance resident, located, or to
be performed in Oklahoma.
C. All such applications shall provide that:
1. Issuance of the policy is contingent upon completion of
organization of the insurer and issuance to it of a proper
certificate of authority.
2. No insurance is provided until the certificate of authority
has been so issued; and
3. The prepaid premium or deposit, and membership or policy
fee, if any, shall be refunded in full to the applicant if the
organization is not completed and certificate of authority issued
before a specified reasonable date, which date shall be not later
than one (1) year following date of issuance of the certificate of
incorporation.
D. All qualifying premiums collected shall be in cash.
E. Solicitation for such qualifying applications for insurance
shall be by licensed agents of the corporation, and the Commissioner
shall upon application therefor issue temporary agent's licenses
expiring on the date specified pursuant to paragraph 3, subsection
B, above, to individuals appointed by the corporation and qualified
as for a resident agent's license except as to the taking of an
examination. The Commissioner may suspend or revoke any such
license for any of the same causes and pursuant to the same
procedures as are applicable to suspension or revocation of licenses
of agents in general under article 13.
A. Upon issuance of its certificate of incorporation as
provided in subsection B of Section 2107 of this article, the
directors and officers of a domestic mutual corporation formed for
the purpose of becoming a mutual insurer may open books for the
Oklahoma Statutes - Title 36. Insurance Page 627
registration of such requisite applications for insurance policies
as they may accept, and may receive deposits of premiums thereon.
B. All such applications shall be in writing signed by the
applicant, covering subjects of insurance resident, located, or to
be performed in Oklahoma.
C. All such applications shall provide that:
1. Issuance of the policy is contingent upon completion of
organization of the insurer and issuance to it of a proper
certificate of authority.
2. No insurance is provided until the certificate of authority
has been so issued; and
3. The prepaid premium or deposit, and membership or policy
fee, if any, shall be refunded in full to the applicant if the
organization is not completed and certificate of authority issued
before a specified reasonable date, which date shall be not later
than one (1) year following date of issuance of the certificate of
incorporation.
D. All qualifying premiums collected shall be in cash.
E. Solicitation for such qualifying applications for insurance
shall be by licensed agents of the corporation, and the Commissioner
shall upon application therefor issue temporary agent's licenses
expiring on the date specified pursuant to paragraph 3, subsection
B, above, to individuals appointed by the corporation and qualified
as for a resident agent's license except as to the taking of an
examination. The Commissioner may suspend or revoke any such
license for any of the same causes and pursuant to the same
procedures as are applicable to suspension or revocation of licenses
of agents in general under article 13.
Status: in_force · Read it on the official government site
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