Okla. Stat. tit. 36, § 36-2133
This is the official text of Okla. Stat. tit. 36, § 36-2133, 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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Mergers and consolidations, mutual insurers
Official statutory text
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
hereinbelow provided.
C. The plan and agreement for merger or consolidation shall be
submitted to and approved by at least two-thirds (2/3) of the
members of each mutual insurer involved voting thereon at meetings
called for the purpose pursuant to such reasonable notice and
procedure as has been approved by the Commissioner.
D. No such merger or consolidation shall be effectuated unless
in advance thereof the plan and agreement therefor have been filed
with and approved in writing by the Insurance Commissioner. The
Commissioner shall give such approval within a reasonable time after
such filing unless he finds such plan or agreement:
1. Inequitable to the policyholders of any domestic insurer
involved; or
2. Would substantially reduce the security of and service to be
rendered to policyholders of the domestic insurer in Oklahoma or
elsewhere.
E. If the Commissioner does not approve such plan or agreement,
he shall so notify the insurer in writing, specifying his reasons
therefor.
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
hereinbelow provided.
C. The plan and agreement for merger or consolidation shall be
submitted to and approved by at least two-thirds (2/3) of the
members of each mutual insurer involved voting thereon at meetings
called for the purpose pursuant to such reasonable notice and
procedure as has been approved by the Commissioner.
D. No such merger or consolidation shall be effectuated unless
in advance thereof the plan and agreement therefor have been filed
with and approved in writing by the Insurance Commissioner. The
Commissioner shall give such approval within a reasonable time after
such filing unless he finds such plan or agreement:
1. Inequitable to the policyholders of any domestic insurer
involved; or
2. Would substantially reduce the security of and service to be
rendered to policyholders of the domestic insurer in Oklahoma or
elsewhere.
E. If the Commissioner does not approve such plan or agreement,
he shall so notify the insurer in writing, specifying his reasons
therefor.
Status: in_force · Read it on the official government site
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