Okla. Stat. tit. 36, § 36-2403

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 benefits in case of death and make

provision for payment of benefits in case of permanent physical

disability, as a result of accident, or old age, provided that the

period of life at which the payment of physical disability benefits

on account of old age is to commence, shall not be under seventy

(70) years, all subject to compliance by its members with its

constitution and bylaws. The funds from which the expenses,

benefits, aids and other charges of such associations shall be

defrayed shall be derived from assessments and dues collected from

its members, provided that such association may if so stipulated in

its bylaws as they now exist or as they may be hereafter amended,

make provision for the payment of old age benefits at age seventy

(70) or more, regardless of disability by levying special old age

benefit assessments, beginning at an age of not less than fifty (50)

years, in such sum and at such times as the association may

determine to be necessary to provide an old age benefit fund

sufficient to meet the promised old age benefit when the same

matures, but such fund shall be separately maintained and used for

no other purpose. The payment of death benefits shall be confined

to wife, husband, relative by blood or marriage, children by legal

adoption, to a person or persons dependent upon the member, or to

his or her estate; provided, that if after the issuance of the

original certificate the member shall become dependent upon a

charitable institution, he or she shall have the privilege, with the

consent of such association, to make such institution his or her

beneficiary. Within the above restrictions each member shall have

the right to designate his or her beneficiary, and, from time to

time, have the same changed in accordance with the laws, rules and

regulations of the association and no beneficiary shall have or

obtain any vested interest in any death benefit until the same has

become due and payable upon the death of said member; provided, that

any association may, by its laws, further limit the scope of

beneficiaries with the above classes. And such association may

create, maintain, disburse, and apply reserve or emergency funds in

accordance with its constitution and bylaws. The term "mutual

benefit association" whenever used in any law of this state shall be

construed to mean association such as is defined by this section.

B. The provisions of this article apply only to mutual benefit

associations and such associations shall be governed by this article

to the extent provided herein. Such associations shall be exempt

from all other provisions of the insurance laws of this state except

Oklahoma Statutes - Title 36. Insurance Page 664

that the provisions of Articles 1 (Scope of Title), 3 (Insurance

Department and Insurance Commissioner), 12 (Unfair Practices and

Frauds), 16 (Investments), 17 (Administration of Deposits), 18

(Rehabilitation and Liquidation), 44 (Individual Accident and Health

Insurance) and Sections 4002, 4024, 4028 and 4029 of Article 40

(Life Insurance and Annuities) shall apply to such associations to

the extent that such provisions are not in conflict with the

provisions of this article. No law relating to insurance hereafter

enacted shall apply to such associations unless they be expressly

designated therein.