Okla. Stat. tit. 36, § 36-2929
This is the official text of Okla. Stat. tit. 36, § 36-2929, 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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Merger or conversion
Official statutory text
A. A domestic reciprocal insurer upon affirmative vote of not
less than two-thirds (2/3) of its subscribers who vote on such
merger pursuant to due notice and the approval of the Insurance
Commissioner of the terms therefor, may merge with another
reciprocal insurer or be converted to a stock or mutual insurer.
B. Such a stock or mutual insurer shall be subject to the same
capital requirements and shall have the same rights as a like
domestic insurer transacting like kinds of insurance.
C. The Insurance Commissioner shall not approve any plans for
such merger or conversion which is inequitable to subscribers, or
which, if for conversion to a stock insurer, does not give each
subscriber preferential right to acquire stock of the proposed
insurer proportionate to his interest in the reciprocal insurer as
determined in accordance with Section 2928 of this article and a
reasonable length of time within which to exercise such right.
less than two-thirds (2/3) of its subscribers who vote on such
merger pursuant to due notice and the approval of the Insurance
Commissioner of the terms therefor, may merge with another
reciprocal insurer or be converted to a stock or mutual insurer.
B. Such a stock or mutual insurer shall be subject to the same
capital requirements and shall have the same rights as a like
domestic insurer transacting like kinds of insurance.
C. The Insurance Commissioner shall not approve any plans for
such merger or conversion which is inequitable to subscribers, or
which, if for conversion to a stock insurer, does not give each
subscriber preferential right to acquire stock of the proposed
insurer proportionate to his interest in the reciprocal insurer as
determined in accordance with Section 2928 of this article and a
reasonable length of time within which to exercise such right.
Status: in_force · Read it on the official government site
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