reglab/housing_qa huggingface dataset:
36 OK Stat § 36-2130 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2130. Converting mutual insurer.

|A. A domestic mutual insurer may become a domestic stock insurer pursuant to such plan and procedure as is approved in advance by the Insurance Commissioner. |B. The Commissioner shall not approve any such plan or procedure unless:1. Equitable to the insurer's members;2. Subject to approval by vote of not less than three-fourths (3/4) of the insurer's current members voting thereon in person, by proxy, or by mail at a meeting of members called for the purpose pursuant to such notice and procedure as may be approved by the Commissioner;3. The equity of each policyholder in the insurer is determinable under a fair formula approved by the Commissioner, which such equity shall be based upon not less than the insurer's entire surplus (after deducting contributed or borrowed surplus funds) plus a reasonable present equity in its reserves and in all nonadmitted assets;4. The policyholders entitled to participate in the purchase of stock or distribution of assets shall include all current policyholders and all existing persons who had been a policyholder of the insurer within three (3) years prior to the date such plan was submitted to the Commissioner;5. The plan gives to each policyholder of the insurer as specified in paragraph 4 of this subsection, a preemptive right to acquire his proportionate part of all of the proposed capital stock of the insurer, within a designated reasonable period, and to apply upon the purchase thereof the amount of his equity in the insurer as determined under paragraph 3, above;6. Shares are so offered to policyholders at a price not greater than to be thereafter offered to others nor at more than double the par value of such shares;7. The plan provides for payment to each policyholder not electing to apply his equity in the insurer for or upon the purchase price of stock to which preemptively entitled, of cash in the amount of not less than fifty percent (50%) of the amount of his equity not so used for the purchase of stock, and which cash payment together with stock so purchased, if any, shall constitute full payment and discharge of the policyholder's equity as an owner of such mutual insurer; and8. The plan, when completed, would provide for the converted insurer paid-in capital stock in an amount not less than the minimum paid-in capital required of a domestic stock insurer transacting like kinds of insurance, together with surplus funds in amount not less than one-half (1/2) of such required capital.Laws 1957, p. 312, § 2130.
36 OK Stat § 36-2132 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2132. Reinsurance, stock insurers.

|A. A domestic stock insurer may accept reinsurance for the same kind of insurance and within the same limits as it is authorized to transact direct, unless such reinsurance is prohibited by its articles of incorporation. |B. A domestic stock insurer may reinsure all or substantially all its business in force, or substantially all of a major class thereof, with another insurer by an agreement of bulk reinsurance; but no such agreement shall become effective unless filed with and approved in writing by the Commissioner.C. The Commissioner shall approve such agreement within a reasonable time after such filing unless the Commissioner finds that the agreement would substantially reduce the protection or service to the policyholders of the insurer. If the Commissioner does not approve the agreement, he shall so notify the insurer in writing specifying his reasons therefor.Amended by Laws 1988, c. 55, § 1, eff. Nov. 1, 1988.
36 OK Stat § 36-2133 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2133. Mergers and consolidations, mutual insurers.

|A. A domestic mutual insurer shall not merge or consolidate with a stock insurer. |B. A domestic mutual insurer may merge or consolidate with another mutual insurer in accordance with procedures prescribed by general laws applying to corporations formed for profit, except as hereinbelow provided.C. The plan and agreement for merger or consolidation shall be submitted to and approved by at least two-thirds (2/3) of the members of each mutual insurer involved voting thereon at meetings called for the purpose pursuant to such reasonable notice and procedure as has been approved by the Commissioner.D. No such merger or consolidation shall be effectuated unless in advance thereof the plan and agreement therefor have been filed with and approved in writing by the Insurance Commissioner. The Commissioner shall give such approval within a reasonable time after such filing unless he finds such plan or agreement:1. Inequitable to the policyholders of any domestic insurer involved; or2. Would substantially reduce the security of and service to be rendered to policyholders of the domestic insurer in Oklahoma or elsewhere.E. If the Commissioner does not approve such plan or agreement, he shall so notify the insurer in writing, specifying his reasons therefor.Laws 1957, p. 313, § 2133.
36 OK Stat § 36-2134 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2134. Reinsurance, mutual insurers.

|A. A domestic mutual insurer may accept reinsurance for the same kinds of insurance and within the same limits as it is authorized to transact direct unless such reinsurance is prohibited by its articles of incorporation. |B. A domestic mutual insurer may reinsure all or any part of its business in force, or all or any part of a major class thereof, with another insurer, stock or mutual, by an agreement or reinsurance treaty. Any reinsurance of all its business or all of a major class of its business shall be subject to the approval of the Insurance Commissioner.Laws 1957, p. 313, § 2134.
36 OK Stat § 36-2135 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2135. Mutual member's share of assets on liquidation.

|A. Upon any liquidation of a domestic mutual insurer, its assets remaining after discharge of its indebtedness, policy obligations, repayment of contributed or borrowed surplus, if any, and expenses of administration, shall be distributed to existing persons who were its members at any time within thirty-six (36) months next preceding the date such liquidation was authorized or ordered, or date of last termination of the insurer's certificate of authority, whichever date is the earliest. |B. The distributive share of each such member shall be in the proportion that the aggregate premiums earned by the insurer on the policies of the member during the combined periods of his membership bear to the aggregate of all premiums so earned on the policies of all such members. The insurer may make a reasonable classification of its policies so held by such members and a formula based upon such classification for determining the equitable distributive share of each such member. Such classification and formula shall be subject to the approval of the Commissioner.C. Subsections A and B above shall not apply to any mutual which, prior to July 1, 1957, has provided for any other method of liquidation through its articles and bylaws, and which have been approved by the then Insurance Commissioner.Laws 1957, p. 313, § 2135.
36 OK Stat § 36-2201 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2201. Short title.

|Sections 58 through 66 of this act shall be known and may be cited as the “Oklahoma Medical Professional Liability Trusts Act”. |Added by Laws 2004, c. 368, § 58, eff. July 1, 2004.
36 OK Stat § 36-2202 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2202. Definitions.

|As used in the Oklahoma Medical Professional Liability Trusts Act: |1. “Allied health care professional” shall mean a physician’s assistant, a certified registered nurse anesthetist or a nurse practitioner who is duly licensed by the appropriate licensing entity of the state and is supervised or employed by a physician and/or health care institution;2. “Association” shall mean a nonprofit corporation that has been in continuous existence for a period of at least ten (10) years, the purpose of which is to federate into one organization all duly licensed physicians, allied health care professionals and/or health care institutions in this state;3. “Commissioner” shall mean the Insurance Commissioner;4. “Department” shall mean the Insurance Department;5. “Health care institutions” shall mean hospitals, outpatient treatment facilities and facilities licensed pursuant to the Nursing Home Care Act;6. “Medical professional liability claim” shall mean a claim or cause of action against a physician and/or a health care institution for treatment, lack of treatment, or other claimed departure from accepted standards of health care or safety which proximately results in injury to or death of the patient, whether the patient’s claim or cause of action sounds in tort or contract;7. “Physician” shall mean a doctor of medicine or osteopathy legally authorized to practice medicine and surgery in this state;8. “Insureds” shall mean the physician, allied health care professional and health care institution members of an association that have medical professional liability coverage through the trust. “Insureds” shall also include entities and individuals specified in subsection C of Section 60 of this act if authorized by the trust; and9. “Trust” shall mean a medical professional liability trust created pursuant to the Oklahoma Medical Professional Liability Trusts Act.Added by Laws 2004, c. 368, § 59, eff. July 1, 2004.
36 OK Stat § 36-2205 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2205. Trust instrument – Mandatory provisions.

|In addition to the requirements of Section 60 of this act, the trust instrument shall provide: |1. That there shall be a minimum period during which any insured must participate in the trust;2. That all insureds shall execute a participation agreement;3. That the trustee shall be an individual or an institution such as a bank, insurance company or other appropriate entity;4. A preliminary assessment of all insureds for initial expenses necessary to commence operation;5. For establishment of necessary facilities;6. Details of the management of the trust;7. Procedures for assessment of all insureds to defray losses and expenses;8. Description of commission arrangements;9. Description of reasonable and objective underwriting standards;10. Procedures for and description of acceptance and cession of reinsurance;11. Procedures for and descriptions of appointment of servicing carriers or other servicing arrangements; and12. Procedures for determining amounts of insurance to be provided by the trust.Added by Laws 2004, c. 368, § 62, eff. July 1, 2004.
36 OK Stat § 36-2206 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2206. Minimum reserves and surplus.

|The total of the reserves and surplus of a trust organized under the Oklahoma Medical Professional Liability Trusts Act, in excess of the amount necessary to support the trust’s retention, must equal or exceed forty percent (40%) of a range of values that makes reasonable provision for losses and loss expenses. |Added by Laws 2004, c. 368, § 63, eff. July 1, 2004.
36 OK Stat § 36-2207 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2207. Guaranty funds – Membership or financial contribution to or benefit from.

|No trust created pursuant to the Oklahoma Medical Professional Liability Trusts Act shall be permitted to join or contribute financially to any insurance insolvency guaranty fund or similar entity, nor shall any trust or its insureds receive any benefit from any insurance guaranty fund or similar entity for claims made against the trust or its insureds. |Added by Laws 2004, c. 368, § 64, eff. July 1, 2004.
36 OK Stat § 36-2208 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2208. Duties of Commissioner – Review and evaluation – Study and analysis of cost of administration.

|A. The Commissioner shall annually review negotiations between the trust and any entity to provide administrative, claim, underwriting or claim management services or excess insurance, aggregate excess insurance and reinsurance to the trust. |B. The Commissioner shall, at least twice yearly, review and evaluate each category of operations of the trust or association as follows:1. Underwriting policies and activities, including all new applications for coverage, as well as all decisions regarding denial of new policies and surcharges on or nonrenewal of existing insureds;2. Summaries of all claims activities, including number of claims filed, lawsuits filed, resolution of closed claims and lawsuits, amounts paid in settlements, jury verdicts, defense attorney fees, expert witness costs and other defense costs;3. Consumer satisfaction with quality of service by the trust or its agents;4. Investment activities;5. All filed base rates and proposed rate increases; and6. All risk-management activities, including continuing education and counseling of insureds.C. The Commissioner shall further study and analyze the cost of administration of the trust to determine how its administrative costs compare to the administrative costs of other medical professional liability trusts and insurers providing medical liability coverage. The Commissioner shall submit a report of the Commissioner’s study to the Governor, the President Pro Tempore of the Senate and the Speaker of the House of Representatives no later than February 1 of each year.D. The trust shall provide the Commissioner with policy changes, rate changes, rules proposed by the trust and changes to the trust instrument prior to implementation of policy changes, rate changes, proposed rules and changes to the trust instrument within thirty (30) days of implementation of such changes.Added by Laws 2004, c. 368, § 65, eff. July 1, 2004.
36 OK Stat § 36-2401 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2401. Mutual benefit associations legalized.

|All associations or companies or corporations doing an assessment life, health or accident insurance business in this state on the first day of January, 1925, on the assessment or mutual benefit plan, known as group or circle associations, or otherwise, and defined in this article as mutual benefit associations, are, by this article, legalized, ratified and confirmed and said associations, companies or corporations may continue to do business in this state if they comply with this article through their charters and bylaws and they accept the conditions of and, in other respects, comply with the provisions thereof. The conditions of the validation of said associations, companies or corporations, and their authority to do business in this state under certain restrictions, are hereinafter prescribed. |Laws 1957, p. 314, § 2401.
36 OK Stat § 36-2407 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2407. Permit to do business; fee; filing of copies of certificates, application blanks and bylaws.

|A. The Insurance Commissioner, upon the application of any mutual benefit association having the right to do business in this state, as provided in this article, shall issue to such association a permit in writing, authorizing such association to do business in this state until the last day of February following the date of issuance of the license, for which permit or certificate and all proceedings in connection therewith such association shall pay the said Insurance Commissioner the fees and licenses therefor stated in Section 321, Article 3 of this Code; provided, that the form of certificates to be issued, copy of application blanks, and a certified copy of the bylaws shall be filed with the Insurance Commissioner, and, if the same conforms to the charter of such association and the provisions of this article, the Insurance Commissioner shall approve the same. |B. No such association shall act as an insurer and no such association shall transact insurance in this state except as authorized by a subsisting authority granted to it by the Insurance Commissioner.Laws 1957, p. 319, § 2407.
36 OK Stat § 36-2408 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2408. Reincorporation of existing associations; admission of 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 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. |Laws 1957, p. 320, § 2408.
36 OK Stat § 36-2409 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2409. Agents - Notice of appointment.

|No mutual benefit association shall employ paid agents without first filing notice of appointment with the Insurance Commissioner and paying the fees therefor stated in Section 348.1, Article 3 of this Code; provided, that nothing herein shall prevent such associations granting members inducements to procure new members, as provided by law relating to fraternal beneficiary associations. |Added by Laws 1957, p. 320, § 2409, operative July 1, 1957. Amended by Laws 2006, c. 264, § 53, eff. July 1, 2006.
36 OK Stat § 36-2410 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2410. Benefits not liable to attachments.

|The money or other benefit to be paid, provided or rendered by any association authorized to do business under this article, shall not be liable to attachment by trustee, garnishee or other process. |Laws 1957, p. 320, § 2410.
36 OK Stat § 36-2412 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2412. Medical examination of applicant; warranties and certificates in lieu of examination; concealment or misrepresentation.

|A. Applicants for membership in mutual benefit associations shall be required to pass a medical or physical examination, if required by the bylaws of the association; or benefit certificates may be issued upon the warranty by the applicant that the answers and statements to the questions as to the condition of health of the applicant and all statements and answers made or appearing in the application for a benefit certificate are true and are to be used as the basis and consideration upon which said benefit certificate is issued, provided, that in addition to the answers and representations of the applicant for membership, as herein provided, the applicant shall give the name and address of his or her family physician and shall if required by the association furnish to the association a certificate of such physician, or if the applicant has no family physician, a certificate of a licensed physician, that he knows the applicant and believes that the applicant is a good, insurable risk; provided, that if the family physician refuses to sign a certificate stating whether applicant is a good insurable risk, a certificate from some other licensed physician may be secured; and, provided, further, that the fee for such certificate shall not exceed fifty cents ($0.50). |B. Any beneficiary, his agent or representative, under any policy or certificate issued by any association or company coming within this article, or any doctor, undertaker or other attendant, who shall knowingly conceal, withhold, or misrepresent any facts in any verified report or declaration under oath concerning the health, age, cause of death or other material information as to the deceased member or policy holder because of whose death or accident claim is being made, shall be guilty of perjury and shall be subject to the penalties therefor prescribed by law.Laws 1957, p. 321, § 2412.
36 OK Stat § 36-2413 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2413. Reports; examination of records.

|Every mutual benefit association doing business within this state under this article, shall on or before the last day of February, of each year, make and file with the Insurance Commissioner of this state, a report and a statement of its affairs, business and operations, during the year ending on the thirty-first day of December immediately preceding. Such annual report shall be on blanks prepared by the Insurance Commissioner, verified under oath by a duly authorized officer of such association, and shall, so far as applicable, be substantially as provided in Section 623, Article 6 of this Code. |B. No such association shall act as an insurer and no such association shall transact insurance in this state except as authorized by a subsisting authority granted to it by the Insurance Commissioner.Laws 1957, p. 322, § 2413.
36 OK Stat § 36-2414 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2414. Funds; investments of.

|No mutual benefit association which may do business in this state, under this article, shall invest any of its mortuary, reserve or emergency fund except in accordance with the laws of this state, relating to investment of funds of domestic stock insurance companies doing a similar business. |Laws 1957, p. 322, § 2414.