Okla. Stat. tit. 36, § 36-2908
This is the official text of Okla. Stat. tit. 36, § 36-2908, 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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Organization of reciprocal insurer
Official statutory text
A. Two or more persons domiciled in Oklahoma may organize a
domestic reciprocal insurer and make application to the Insurance
Commissioner for a certificate of authority to transact insurance.
B. The proposed attorney shall fulfill the requirements of and
shall execute and file with the Insurance Commissioner, when
applying for a certificate of authority, a declaration setting
forth:
1. The name of the insurer;
Oklahoma Statutes - Title 36. Insurance Page 743
2. The location of the insurer's principal office, which shall
be the same as that of the attorney and shall be maintained within
this state;
3. The kinds of insurance proposed to be transacted;
4. The names and addresses of the original subscribers;
5. The designation and appointment of the proposed attorney and
a copy of the power of attorney;
6. The names and addresses of the officers and directors of the
attorney, if a corporation, or its members, if a firm;
7. The powers of the subscribers' advisory committee, and the
names and terms of office of the members thereof;
8. That all monies paid to the reciprocal shall, after
deducting therefrom any sum payable to the attorney, be held in the
name of the insurer and for the purposes specified in the
subscribers' agreement;
9. A copy of the subscribers' agreement;
10. A statement that each of the original subscribers has in
good faith applied for insurance of a kind proposed to be
transacted, and that the insurer has received from each such
subscriber the full premium or premium deposit required for the
policy applied for, for a term of not less than six (6) months at an
adequate rate theretofore filed with and approved by the Insurance
Commissioner;
11. A statement of the financial condition of the insurer, a
schedule of its assets, and a statement that the surplus as required
by Section 2907 of this article is on hand; and
12. A copy of each policy, endorsement, and application form it
then proposes to issue or use.
Such declaration shall be acknowledged by the attorney in the
manner required for the acknowledgement of deeds.
domestic reciprocal insurer and make application to the Insurance
Commissioner for a certificate of authority to transact insurance.
B. The proposed attorney shall fulfill the requirements of and
shall execute and file with the Insurance Commissioner, when
applying for a certificate of authority, a declaration setting
forth:
1. The name of the insurer;
Oklahoma Statutes - Title 36. Insurance Page 743
2. The location of the insurer's principal office, which shall
be the same as that of the attorney and shall be maintained within
this state;
3. The kinds of insurance proposed to be transacted;
4. The names and addresses of the original subscribers;
5. The designation and appointment of the proposed attorney and
a copy of the power of attorney;
6. The names and addresses of the officers and directors of the
attorney, if a corporation, or its members, if a firm;
7. The powers of the subscribers' advisory committee, and the
names and terms of office of the members thereof;
8. That all monies paid to the reciprocal shall, after
deducting therefrom any sum payable to the attorney, be held in the
name of the insurer and for the purposes specified in the
subscribers' agreement;
9. A copy of the subscribers' agreement;
10. A statement that each of the original subscribers has in
good faith applied for insurance of a kind proposed to be
transacted, and that the insurer has received from each such
subscriber the full premium or premium deposit required for the
policy applied for, for a term of not less than six (6) months at an
adequate rate theretofore filed with and approved by the Insurance
Commissioner;
11. A statement of the financial condition of the insurer, a
schedule of its assets, and a statement that the surplus as required
by Section 2907 of this article is on hand; and
12. A copy of each policy, endorsement, and application form it
then proposes to issue or use.
Such declaration shall be acknowledged by the attorney in the
manner required for the acknowledgement of deeds.
Status: in_force · Read it on the official government site
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