reglab/housing_qa huggingface dataset:
36 OK Stat § 36-2415 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2415. Annual meetings; quorum; vacancies; special meetings.

|Mutual benefit associations shall hold annual meetings on a definite day in each year, to be fixed in their bylaws, for the election of officers thereof and to transact such other business as may properly come before such meetings, and due notice of such meetings shall be given to each member, and benefit certificates issued to each member after the passage of this article shall contain thereon a statement of the date when such meetings shall be held each year at their home office, and ten percent (10%) of the members of such association present in person or by proxy shall constitute a quorum for the purpose of transacting business. Such associations may, by bylaws provide for filling vacancies on the board of directors until the next regular annual meeting thereof and may provide for special meetings of the members. |Laws 1957, p. 322, § 2415.
36 OK Stat § 36-2416 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2416. Appeals from orders, rulings, or acts of insurance commissioner.

|Any association doing business in this state, under the provisions of this article, which may be dissatisfied with any notice, order, ruling or act of the Insurance Commissioner, may appeal from the same pursuant to the provisions of Article 3 of this Code. |Laws 1957, p. 322, § 2416.
36 OK Stat § 36-2417 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2417. Misdemeanor; violation of article.

|Any officer of a corporation subject to the provisions of this article, and any person or agent representing such corporation, who shall transact, or attempt to transact, in any manner whatever, any business in this state until such corporation has complied with the provisions of this article, or any person who shall violate any of the provisions of this article shall be deemed guilty of a misdemeanor and upon conviction, shall be fined in any sum not less than One Hundred Dollars ($100.00) nor more than Five Hundred Dollars ($500.00). |Laws 1957, p. 322, § 2417.
36 OK Stat § 36-2418 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2418. Legal reserve life insurance company, conversion into; adoption of plan.

|Any mutual benefit association may convert itself into a stock legal reserve life insurance company under an amended charter. The plan of conversion shall be adopted at any regular annual policyholders' meeting of such association. Amended articles of incorporation providing for such conversion shall be adopted at the same meeting and shall be in the form as set out in either Section 2105, Article 21 of this Code and shall provide for a minimum capital stock of One Hundred Thousand Dollars ($100,000.00) or in the form of Section 2502, Article 25, of this Code, and shall provide for a minimum capital stock of Fifty Thousand Dollars ($50,000.00); provided, however, such conversion may be accomplished by paying up twenty per cent (20%) of the capital required by either of such sections at the time of such reorganization and not less than twenty per cent (20%) additional of the required amount each year thereafter until the full amount has been paid in. In the event the capital stock is not increased as herein provided the same shall be deemed to be impaired and the Insurance Commissioner shall proceed against the company as provided by law in such cases. |Laws 1957, p. 322, § 2418.
36 OK Stat § 36-2419 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2419. Amended articles of incorporation; filing.

|The amended articles of incorporation so adopted shall be filed with the Secretary of State. |Laws 1957, p. 323, § 2419.
36 OK Stat § 36-2420 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2420. Policyholders; rights to purchase stock; sale of stock not purchased.

|If such mutual benefit association be converted into a stock legal reserve life insurance company each and every policyholder or certificate holder shall have the exclusive right for thirty (30) days after the conversion is approved at the policyholders' meeting and the mailing of the notice thereof to purchase that proportion of the total stock offered for sale as the amount of his insurance bears to the association's total insurance in force at the time of conversion. Any stock not purchased by the policyholders may then be sold by the board of directors. |Laws 1957, p. 323, § 2420.
36 OK Stat § 36-2421 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2421. Reorganization and conversion complete when; rights of reorganized corporations.

|When such mutual benefit association shall have complied with the provisions of this article and shall have received from the Insurance Commissioner a certificate of authority to transact business in this state as a legal reserve life insurance company, its reorganization and conversion into such legal reserve company shall be complete. Such reorganized and converted corporation shall succeed to and become invested with all and singular the rights, privileges, franchises, and all property, real, personal or mixed, all debts due on any account and all other things in action theretofore belonging to such mutual benefit association, and all property, rights, privileges, franchises and all and every other interest including title to any real estate by deed or otherwise vested in such former mutual benefit association shall vest in such reorganized and converted corporation. |Laws 1957, c. 323, § 2421.
36 OK Stat § 36-2422 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2422. Creditors' rights; liens; contracts; pending suits.

|The rights of creditors and all liens upon the property of the former mutual benefit association shall be preserved unimpaired and all debts, liabilities, contracts and duties of the former mutual benefit association shall thenceforth attach to the reorganized and converted organization, and such reorganized and converted corporation shall be obligated to carry out and perform all of the obligations of every kind and character owing by the former mutual benefit association to the holders of its policies or certificates; and said policies or certificates shall be administered in accordance with the provisions of the law in force at the time said policies were issued. Any pending suits wherein the former mutual benefit association was a party shall be unaffected by the conversion thereof, and shall be prosecuted by or against such reorganized and converted corporation the same as if the conversion had not taken place. |Laws 1957, p. 323, § 2422.
36 OK Stat § 36-2501 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2501. Organization authorized; purpose.

|Any number of persons, not less than five, a majority of whom being citizens and residents of the State of Oklahoma, may associate themselves and form a company, for the purpose of making insurance on the lives of individuals, with a stipulated premium, as defined and regulated herein, and may write life insurance and/or accident and health insurance. |Laws 1957, p. 323, § 2501.
36 OK Stat § 36-2502 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2502. Designation as corporators; articles of agreement; contents; approval by insurance commissioner; filing and recording.

|The persons mentioned in Section 2501 shall be designated as corporators, and such persons shall associate themselves by articles of agreement in writing, duly signed and acknowledged, setting forth: |First: The corporate name of the proposed corporation, which shall not be the name of any corporation heretofore incorporated or doing business in this state for similar purposes, or any such imitation of such name calculated to mislead the public.Second: The name of the city, town or county in which the principal office is located.Third: The amount of the capital stock of the corporation, which shall not be less than Fifty Thousand Dollars ($50,000.00), the number of shares into which it is divided, and the par value thereof, that the same has been bona fide subscribed, and actually paid up in lawful money of the United States, and is in the custody of persons named as the first board of directors, the name and place of the several shareholders and the number of shares subscribed by each.Fourth: The number of the board of directors or managers, which shall be not less than five, their powers and duties, and the names agreed upon for the first year.Fifth: The number of years the corporation is to continue.Sixth: A statement that the company is formed for the purpose of carrying on the business of insurance under the provisions of this article. Said articles of agreement shall be submitted to the Insurance Commissioner, and if they are found to comply with the provisions of this article, he shall approve the same. When approved they shall be filed and recorded in the office of the Secretary of State, who shall issue a certificate of incorporation, upon the receipt of which such persons shall be a body corporate and politic, under the laws of this state.Laws 1957, p. 324, § 2502.
36 OK Stat § 36-2503 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2503. Certificate of authority to do business - Deposit of securities with State Treasurer.

|No such corporation, company or association shall commence the business of insurance until the Insurance Commissioner shall have certified that it has complied with the provisions of this article, and is authorized to transact the business of insurance; provided, however, that every corporation incorporating or reincorporating under the provisions of this article shall deposit with the Commissioner securities in which insurance companies are allowed by law to invest, subject to the approval of the Insurance Commissioner, a sum not less than Twenty Thousand Dollars ($20,000.00), before it shall commence business. The sum shall be a part of the insurance fund and an asset of the corporation. The securities deposited with the Commissioner pursuant to this section shall be held in trust as an emergency fund for the benefit and protection of and as security for the policyholders of such corporation, their legal representatives and beneficiaries. |Added by Laws 1957, p. 324, § 2503, operative July 1, 1957. Amended by Laws 2014, c. 275, § 11, eff. Nov. 1, 2014.
36 OK Stat § 36-2504 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2504. Companies to which applicable; application of other laws; use of term "stipulated premium".

|Any corporation, company or association issuing policies or certificates promising money or other benefits to a member or policyholder, or, upon his decease, to his legal representatives, or to beneficiaries designated by him, which money or benefit is derived from stipulated premiums collected in advance from its members or policyholders, and from interest and other accumulations, and wherein the money or other benefits so realized is applied to or accumulated solely for the use and purposes of the corporation as herein specified, and for the necessary expenses of the corporation, and the prosecution and enlargement of its business and which shall comply with all the provisions of this article, shall be deemed to be engaged in the business of life insurance and accident and health insurance upon the stipulated premium plan. It shall be unlawful for any corporation, company or association not having complied with the provisions of this article to use the term "stipulated premium" in its application or contracts, or to print or write the same in its policies, literature or advertisements. |Laws 1957, p. 324, § 2504.
36 OK Stat § 36-2505 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2505. Valuation of outstanding policies; computation.

|Each and every company incorporated transacting business under the provisions of this article shall annually make valuations of all outstanding policies of life insurance as of December 31st of each year, computed upon a calculation which shall show a value not less than that shown in accordance with the one-year preliminary term method, based upon the American Experience Table of Mortality and three and one-half percent (3 1/2%) per annum, assuming an average risk exposure of six (6) months on all new policies issued within each calendar year. |Laws 1957, p. 325, § 2505.
36 OK Stat § 36-2506 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2506. Inapplicability to burial associations or assessment companies.

|The provisions of this article shall not apply to burial associations or assessment companies. |Laws 1957, p. 325, § 2506.
36 OK Stat § 36-2507 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2507. Requisites of policy; liability on policy.

|Every policy hereafter issued by any corporation, company or association doing business under the provisions of this article and promising any payments to be made upon a contingency provided for in this article, shall specify the sum of money which it promises to pay upon each contingency insured against and the time or times of payment after satisfactory proof of the happening of such contingency and unless the contract shall have been voided by fraud or breach of its conditions and warranties, the company shall be obligated to the beneficiaries of the insured for such payment at the time or times specified and to the amount due under the policy. |Laws 1957, p. 325, § 2507.
36 OK Stat § 36-2508 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2508. Personal liability.

|No person shall incur any personal liability for the losses or liabilities of any corporation, company or association transacting business under the provisions of this article by reason of being a member or policyholder in such corporation. |Laws 1957, p. 325, § 2508.
36 OK Stat § 36-2509 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2509. Consolidation of companies; transfer or reinsurance of risks.

|No stipulated premium insurance company or association organized under this article shall consolidate with another company or transfer or reinsure its risks with any other corporation, company or association or assume or reinstate the whole or any part of the risks of any other company or association, except with the approval of the Insurance Commissioner, and a majority of the stockholders present and voting at a regular or special meeting duly called. |Laws 1957, p. 325, § 2509.
36 OK Stat § 36-2510 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2510. Attachment or other process; benefits not subject to.

|The money or other benefit, charity, relief or aid to be paid, provided or rendered by any corporation, company or association authorized to do business under this article, shall not be liable to attachment or other process, and shall not be seized, taken, appropriated or applied by any legal or equitable process, nor by operation of law, to pay any debt or liability of a policy or certificate holder or of any beneficiary named in a policy or certificate. |Laws 1957, p. 325, § 2510.
36 OK Stat § 36-2511 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2511. Existing corporations; amendments of articles of incorporation; effect of reincorporation.

|Any domestic life or accident and health corporation, company or association existing or doing business in this state on April 9, 1923, may, by the 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 and enjoy any and all the provisions and privileges of this article the same as if it had been originally incorporated thereunder, and it shall file such 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 been incorporated under this 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 had not reincorporated or qualified under this article, neither shall such reincorporation in any way prejudice, impede or impair any pending action or proceeding or any rights previously acquired. |Laws 1957, p. 325, § 2511.
36 OK Stat § 36-2512 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2512. Amendment of articles of incorporation to conform to general insurance law.

|Any domestic life or accident and health insurance corporation, company or association existing or doing business in this state under the stipulated premium plan law on April 9, 1923, may, by majority vote of its board of directors or trustees, accept the provisions of this article, the same as if it had originally been incorporated thereunder, and shall submit a record of the proceedings of its board of directors or trustees, together with the amended articles, to the Insurance Commissioner, for his examination and approval of the legal form thereof, and shall file such amended articles in the office of the Secretary of State and a certified copy of same in the office of the Insurance Commissioner, and deposit with the State Treasurer such securities as may be required of corporations originally incorporated under this article. Insurance corporations, companies and associations complying with the provisions of this section shall thereafter enjoy and exercise all of the rights and privileges accorded by law to companies originally incorporated under this article. Compliance with this section shall in nowise annul, modify or change any of the existing contracts or obligations of the corporation, and any and all such contracts and liabilities shall continue in force and effect the same as if such corporation had not reincorporated under the provisions of this section. Compliance with the provisions of this section shall in no way prejudice, impede or impair any pending action, proceeding or rights previously acquired. |Laws 1957, p. 326, § 2512.
36 OK Stat § 36-2513 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2513. Statement filed annually with Insurance Commissioner.

|The annual business of each and every corporation, company or association transacting business under the provisions of this article shall close on the 31st day of December, of each year, and it shall, within sixty (60) days thereafter, prepare and file in the office of the Insurance Commissioner, or other officer having supervision of insurance matters, a detailed statement, made on blanks furnished by the Insurance Commissioner, and verified under oath by the president and secretary of the company or association giving all information in detail that the Insurance Commissioner may require, so that its true financial condition may be known. |Laws 1957, p. 326, § 2513.
36 OK Stat § 36-2514 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2514. Relinquishment of business.

|When any such corporation, company or association shall desire to relinquish its business in this state, the Insurance Commissioner shall, on application of such corporation under oath of its president or principal officer and secretary or actuary, give notice of such intention at least twice in a newspaper of general circulation published at the state capital. After such publication he shall deliver up to said corporation the securities, or any portion thereof, held by the State Treasurer belonging to such corporation upon being satisfied that all debts and liabilities of every kind are paid or provided for. |Laws 1957, p. 326, § 2514.
36 OK Stat § 36-2515 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2515. Representations; deemed material when.

|No representation made in obtaining or securing a policy of insurance on the life or lives of any person, or persons, shall be deemed material, or render the policy void, unless the matter misrepresented shall have actually contributed to the contingency or event on which the policy is to become due and payable. |Laws 1957, p. 326, § 2515.
36 OK Stat § 36-2516 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2516. Foreign and alien companies.

|No corporation, company, association or society organized under the laws of any other state or territory of the United States, or the District of Columbia, or foreign country shall transact business under the provisions of this article until it has received from the Insurance Commissioner a certificate of authority to do business in this state, a duplicate of which shall be filed in his office. The Insurance Commissioner shall annually issue to such foreign corporation, company or association renewal certificates of authority to continue business, if it shall have fully complied with the provisions of this article, and if the Insurance Commissioner shall be of the opinion that any such corporation, company or association is not entitled to a renewal of a certificate of authority, he shall cite the same to appear, giving reasons therefor, and to show cause why the certificate of authority should be renewed, and unless the certificate of authority shall be renewed within thirty days after such hearing, such foreign corporation, company or association shall cease to do business in this state. No foreign corporation, company, association or society shall be authorized to transact any business authorized by this article within this state, unless it can furnish evidence satisfactory to the Insurance Commissioner that it has a reserve or emergency fund equal in amount to that required by this article, and the same is held for the benefit of policyholders only, and invested as required by the insurance laws of its home state. |Laws 1956, p. 326, § 2516.
36 OK Stat § 36-2517 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2517. Laws applicable.

|A. The provisions of this article are applicable to limited stock life, accident and health insurers only. |B. To the extent not modified by the provisions of this article, limited stock life, accident and health insurers shall be subject to and governed by the other applicable provisions of this code.C. No limited stock, life, accident and health insurers shall be authorized after the effective date of this act, nor shall the Insurance Commissioner after said effective date issue a certificate of authority for such limited stock, life, accident and health insurance business.Laws 1957, p. 327, § 2517; Laws 1980, c. 185, § 6, eff. Oct. 1, 1980.