Okla. Stat. tit. 36, § 36-2408

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 article and

amend its articles of incorporation to conform to the same, so as to

cover any and all of the provisions and privileges of this article

the same as if it had been originally incorporated thereunder, and

it shall file amended articles of incorporation in the office of the

Secretary of State, a certified copy of which shall be filed with

the Insurance Commissioner, and shall thereafter perpetually enjoy

the same and be deemed to have incorporated under the article.

Reincorporation, however, shall in no way annul, modify or change

any of the existing contracts and liabilities of such corporation,

company or association, and any and all such contracts and

liabilities shall continue in force and effect the same as though

such corporation, company or association had not reincorporated or

qualified under this article, and neither shall such reincorporation

in any way prejudice, impede, or impair any rights or pending action

or proceeding previously acquired; provided, however, that nothing

herein shall prevent any of the members of such corporations,

companies or associations from accepting and coming under the terms

and conditions of such reincorporation and the bylaws of such

association, if they desire to do so. Assessment corporations or

Oklahoma Statutes - Title 36. Insurance Page 670

associations organized under the laws of another state or country

may be admitted to transact business in this state, upon proper

application to the Insurance Commissioner, whenever, in his opinion,

its financial condition is sound and its plan of operation such as

to meet the requirements of this article. Such associations, with

their applications, shall file a copy of their articles of

incorporation or charter, bylaws, policy forms, rates, application

blanks and other forms required by the Commissioner, together with a

copy of the last annual statement and a twenty thousand-dollar bond,

conditioned for the prompt payment of all assessments to parties or

beneficiaries of such company, and shall pay the fees and licenses

required by Article 3 of this Code. There shall also be filed a

power of attorney, designating agent for service of process in form

as now required by legal reserve life insurance companies. If all

requirements are met, the Insurance Commissioner shall issue to such

associations a certificate or license, authorizing it to transact

business in this state, which authority shall expire on March first

following and be renewed on that date annually so long as such

association meets the requirements of this article.