reglab/housing_qa huggingface dataset:
36 OK Stat § 36-2806 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2806. Bylaws; permit to do business.

|Every such association shall adopt such bylaws not inconsistent with the laws of this state and of the United States, which, in the judgment of its members will best subserve the interests and purposes of the association. The members of every such association shall be held by the laws of this state to comply with all the provisions and requirements of such bylaws, and the terms of their policies of insurance shall be deemed to carry such bylaws, as a part thereof and shall so specify. The bylaws shall contain a form of certificate of insurance to be used. A copy of all bylaws adopted, all amendments, and changes therein shall be filed with the Insurance Commissioner, for his approval, before becoming effective, together with a list of the members at the time of organization. When such association has been duly organized and has adopted bylaws in accordance herewith, the Insurance Commissioner shall issue his certificate to that effect, whereupon such association may commence business and grant insurance. |Laws 1957, p. 353, § 2806.
36 OK Stat § 36-2807 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2807. Membership - Forfeiture.

|After any such association is organized and has commenced business, its membership shall be composed of its policyholders only, and every person accepted as insurable shall be ipso facto a member. Noncompliance with the bylaws and nonpayment of assessments within thirty days after request so to do shall forfeit member's policy and membership; provided, such member shall be held liable for his pro rata share of any liability existing at the time his membership is forfeited. |Added by Laws 1957, p. 353, § 2807, operative July 1, 1957.
36 OK Stat § 36-2808 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2808. Rejection and termination of risks.

|The board of directors shall have the right and power to reject any person, or any risk or part thereof; also to terminate any membership and any insurance, or part of any insurance, at any time, upon ten days notice to such member. |Laws 1957, p. 353, § 2808.
36 OK Stat § 36-2809 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2809. Incidental expenses.

|The bylaws shall provide for sufficient assessment to pay for stationery, blanks, printing, postage, viewing and appraising losses, and such other incidental expenses as may be necessary to conduct the business of such association. |Laws 1957, p. 353, § 2809.
36 OK Stat § 36-2810 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2810. Compensation of officers.

|Compensation of officers shall be as provided in the bylaws, and shall not exceed the sum of Ten Thousand Dollars ($10,000.00) per annum for the president. Compensation of other officers and employees shall be fixed by the board of directors at a reasonable amount for services rendered. |Amended by Laws 1986, c. 251, § 39, eff. Nov. 1, 1986. Amended by Laws 1986, c. 251, § 39, eff. Nov. 1, 1986.
36 OK Stat § 36-2811 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2811. Annual reports to Commissioner; reissuance of certificate; fees.

|Every such association shall annually, on or before March first, render a statement in writing to the Insurance Commissioner, showing the status of such company at the close of business on December 31st, next preceding; the names and addresses of its officers; the number of members; amount of insurance in force; the county or counties wherein property insured is located; the number of losses, amounts claimed for losses, appraisement of loss, amounts paid to beneficiaries, amounts collected from members, the percentage of assessments to the total amount of insurance in force; the amount of losses due and unpaid, why unpaid; the amount of losses contested, rejected, resisted or reduced, and why so contested, rejected, resisted or reduced; and any other information which shall be required of it by the Insurance Commissioner, which statement shall be sworn to by the president or vice-president and secretary. Upon receipt of such annual statement, the Insurance Commissioner shall annually reissue a certificate to every such association, if, upon examination he is of the opinion that such association is doing business in compliance with the provisions of this article. Every such association may publish once yearly in weekly newspaper of general circulation in the county of its business and post office address, the annual certificate issued to it by the Insurance Commissioner, authorizing it to continue business. |Laws 1957, p. 354, § 2811.
36 OK Stat § 36-2812 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2812. Extension of membership.

|Nothing in this article shall prevent the membership of any association from being extended from one county to another provided the said county into which said membership is extended shall not cover a territory greater than forty-five counties, nor shall anything in this article be construed to repeal or conflict with any law of this state controlling mutual insurance companies engaged in writing risks in this state. |Amended by Laws 1986, c. 251, § 40, eff. Nov. 1, 1986.
36 OK Stat § 36-2813 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2813. Applicability.

|The provisions of this article apply only to farmers' mutual fire insurance associations and such associations shall be governed by this article to the extent provided herein. Such associations shall comply with all provisions of the Insurance Code to the extent that such provisions are not in conflict with the provisions of this article. |Added by Laws 1957, p. 354, § 2813, operative July 1, 1957. Amended by Laws 1975, c. 241, § 2, emerg. eff. May 30, 1975; Laws 2006, c. 246, § 2, eff. Nov. 1, 2006.NOTE: Laws 2006, c. 264, § 58 repealed by Laws 2007, c. 1, § 22, emerg. eff. Feb. 22, 2007.
36 OK Stat § 36-2814 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2814. Formation of additional companies prohibited.

|No farmers' mutual fire insurance associations shall be formed after the effective date of this act, nor shall the Insurance Commissioner after said effective date issue a permit to organize such an association to or approve any articles of incorporation of any group of individuals desiring to organize an association or company under the provisions of this article. |Laws 1963, c. 120, § 5, emerg. eff. June 3, 1963.
36 OK Stat § 36-2815 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2815. Prohibition on transfer or sale of certificates, authority, or articles.

|No certificate, or authority, or articles of incorporation of a farmers' mutual fire insurance association shall be transferred, sold, or otherwise exchanged or traded. |Laws 1963, c. 120, § 6, emerg. eff. June 3, 1963.
36 OK Stat § 36-2901 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2901. "Reciprocal" insurance defined.

|"Reciprocal" insurance is that resulting from an inter-exchange among persons, known as "subscribers," of reciprocal agreement of indemnity, the inter-exchange being effectuated through an "attorney-in-fact" common to all such persons. |Laws 1957, p. 354, § 2901.
36 OK Stat § 36-2902 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2902. "Reciprocal insurer" defined.

|A "reciprocal insurer" means an unincorporated aggregation of subscribers operating individually and collectively through an attorney-in-fact to provide reciprocal insurance among themselves. |Laws 1957, p. 354, § 2902.
36 OK Stat § 36-2903 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2903. Scope of article; existing insurers.

|A. All authorized reciprocal insurers shall be governed by those sections of this article not expressly made applicable to domestic reciprocals only. |B. To the extent not modified by the provisions of this article, reciprocal insurers shall be subject to and governed by the other applicable provisions of this Code.C. Existing authorized reciprocal insurers shall after the effective date of this Code comply with the provisions of this article, and shall make such amendments to their subscribers' agreement, power of attorney, policies and other documents and accounts and perform such other acts as may be required for such compliance.Laws 1957, p. 354, § 2903.
36 OK Stat § 36-2904 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2904. Insuring powers of reciprocals.

|A. A reciprocal insurer may, upon qualifying therefor as provided for by this Code, transact any kind or kinds of insurance defined by this Code, other than life or title insurance. |B. Such an insurer may purchase reinsurance upon the risk of any subscriber, and may grant reinsurance as to any kind of insurance it is authorized to transact direct.Laws 1957, p. 355, § 2904.
36 OK Stat § 36-2905 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2905. Name; suits.

|A reciprocal insurer shall: |1. Have and use a business name. The name shall include the word "reciprocal," or "interinsurer," or "inter-insurance," or "exchange," or "underwriters," or "underwriting."2. Sue and be sued in its own name.Laws 1957, p. 355, § 2905.
36 OK Stat § 36-2906 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2906. Attorney.

|A. "Attorney," as used in this article refers to the attorney-in-fact of a reciprocal insurer. The attorney may be an individual, firm, or corporation. |B. The attorney of a foreign or alien reciprocal insurer, which insurer is duly authorized to transact insurance in this state, shall not, by virtue of discharge of its duties as such attorney with respect to the insurer's transactions in this state, be thereby deemed to be doing business in this state within the meaning of any laws of this state applying to foreign firms or corporations.Added by Laws 1957, p. 355, § 2906, operative July 1, 1957.
36 OK Stat § 36-2907 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2907. Surplus funds required.

|A. A domestic reciprocal insurer hereunder formed, if it has otherwise complied with the provisions of this Code, may be authorized to transact insurance if it deposits and maintains on deposit with the State Treasurer, through the office of the Insurance Commissioner, surplus funds as follows: |1. To transact property insurance, surplus funds of not less than One Hundred Thousand Dollars ($100,000.00).2. To transact vehicle insurance, surplus funds of not less than One Hundred Fifty Thousand Dollars ($150,000.00).B. A domestic reciprocal insurer may be authorized to transact additional kinds of insurance if it has otherwise complied with the provisions of this Code therefor and possesses and so maintains on deposit surplus funds in amount equal to the minimum capital required of a stock insurer for authority to transact a like combination of kinds of insurance.Laws 1957, p. 355, § 2907.
36 OK Stat § 36-2908 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2908. Organization of reciprocal insurer.

|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;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; and12. 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.Added by Laws 1957, p. 355, § 2908, operative July 1, 1957. Amended by Laws 2006, c. 264, § 59, eff. July 1, 2006.
36 OK Stat § 36-2909 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2909. Certificate of authority.

|A. The certificate of authority of a reciprocal insurer shall be issued to its attorney in the name of the insurer. |B. The Insurance Commissioner may refuse, suspend, or revoke the certificate of authority, in addition to other grounds therefor, for failure to comply with any provision of this Code.Laws 1957, p. 356, § 2909.
36 OK Stat § 36-2910 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2910. Power of attorney.

|A. The rights and powers of the attorney of a reciprocal insurer shall be as provided in the power of attorney given it by the subscribers. |B. The power of attorney must set forth:1. The powers of the attorney;2. That the attorney is empowered to accept service of process on behalf of the insurer and to authorize the Insurance Commissioner to receive service of process in actions against the insurer upon contracts exchanged;3. The general services to be performed by the attorney;4. The maximum amount to be deducted from advance premiums or deposits to be paid to the attorney and the general items of expense in addition to losses, to be paid by the insurer;5. Except as to nonassessable policies, a provision for a contingent several liability of each subscriber in a specified amount which amount shall be not less than one nor more than ten times the premium or premium deposit stated in the policy.C. The power of attorney may:1. Provide for the right of substitution of the attorney and revocation of the power of attorney and rights thereunder;2. Impose such restrictions upon the exercise of the power as are agreed upon by the subscribers;3. Provide for the exercise of any right reserved to the subscribers directly or through their advisory committee;4. Contain other lawful provisions deemed advisable.D. The terms of any power of attorney or agreement collateral thereto shall be reasonable and equitable, and no such power or agreement shall be used or be effective in Oklahoma until approved by the Insurance Commissioner.Laws 1957, p. 356, § 2910.
36 OK Stat § 36-2911 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2911. Modifications.

|Modification of the terms of the subscribers' agreement or of the power of attorney of a domestic reciprocal insurer shall be made jointly by the attorney and the subscribers' advisory committee. No such modification shall be effective retroactively, nor as to any insurance contract issued prior thereto. |Laws 1957, p. 356, § 2911.
36 OK Stat § 36-2912 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2912. Attorney's bond.

|A. Concurrently with the filing of the declaration provided for in Section 2908 of this article, the attorney of a domestic reciprocal insurer shall file with the Insurance Commissioner a bond in favor of the State of Oklahoma for the benefit of all persons damaged as a result of breach by the attorney of the conditions of his bond as set forth in subsection B hereof. The bond shall be executed by the attorney and by an authorized corporate surety, and shall be subject to the Insurance Commissioner's approval. |B. The bond shall be in the penal sum of Twenty-five Thousand Dollars ($25,000.00), aggregate in form, conditioned that the attorney will faithfully account for all monies and other property of the insurer coming into his hands, and that he will not withdraw or appropriate to his own use, from the funds of the insurer, any monies or property to which he is not entitled under the power of attorney.C. The bond shall provide that it is not subject to cancellation unless thirty (30) days' advance notice in writing of cancellation is given both the attorney and the Insurance Commissioner.Laws 1957, p. 357, § 2912.
36 OK Stat § 36-2913 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2913. Deposit in lieu of bond.

|In lieu of such bond, the attorney may maintain on deposit with the State Treasurer through the office of the Insurance Commissioner a like amount in cash or in value of securities qualified under this Code as insurers' investments, and subject to the same conditions as the bond. |Laws 1957, p. 357, § 2913.
36 OK Stat § 36-2914 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2914. Action on bond.

|Action on the attorney's bond or to recover against any such deposit made in lieu thereof may be brought at any time by one or more subscribers suffering loss through a violation of its conditions, or by a receiver or liquidator of the insurer. Amounts recovered on the bond shall be deposited in and become part of the insurer's funds. The total aggregate liability of the surety shall be limited to the amount of the penalty of such bond. |Laws 1957, p. 357, § 2914.
36 OK Stat § 36-2915 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2915. Legal process service - Judgment.

|A. Legal process shall be served upon a domestic reciprocal insurer by serving the insurer's attorney at his principal offices. |B. Any judgment based upon legal process so properly served shall be binding upon each of the insurer's subscribers as their respective interests may appear but in an amount not exceeding their respective contingent liabilities, if any, the same as though personal service of process was had upon each such subscriber.Added by Laws 1957, p. 357, § 2915, operative July 1, 1957.
36 OK Stat § 36-2916 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2916. Annual statement.

|A. The annual statement of a reciprocal insurer shall be made and filed by its attorney. |B. The statement shall be supplemented by such information as may be required by the Insurance Commissioner relative to the affairs and transactions of the attorney.Laws 1957, p. 357, § 2916.
36 OK Stat § 36-2917 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2917. Contributions to insurer.

|The attorney or other parties may advance to a domestic reciprocal insurer upon reasonable terms such funds as it may require from time to time in its operations. Sums so advanced shall not be treated as a liability of the insurer, and, except upon liquidation of the insurer, shall not be withdrawn or repaid except out of the insurer's realized earned surplus in excess of its minimum required surplus. No such withdrawal or repayment shall be made without the advance approval of the Insurance Commissioner. |Added by Laws 1957, p. 357, § 2917, operative July 1, 1957.
36 OK Stat § 36-2918 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2918. Financial conditions; method of determining.

|In determining the financial condition of a reciprocal insurer the Insurance Commissioner shall apply the following rules: |1. The Commissioner shall charge as liabilities the same reserves as are required of incorporated insurers issuing nonassessable policies on a reserve basis.2. The surplus deposits of subscribers shall be allowed as assets, except that any premium deposit delinquent for ninety (90) days shall first be charged against such surplus deposit.3. The surplus deposits of subscribers shall not be charged as a liability.4. All premium deposits delinquent less than ninety (90) days shall be allowed as assets.5. An assessment levied upon subscribers, and not collected, shall not be allowed as an asset.6. The contingent liability of subscribers shall not be allowed as an asset.7. The computation of reserves shall be based upon premium deposits other than membership fees and without any deduction for the compensation of the attorney.Laws 1957, p. 357, § 2918.
36 OK Stat § 36-2919 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2919. Who may be subscribers.

|Individuals, partnerships, and corporations of this state may make application, enter into agreement for and hold policies or contracts in or with and be a subscriber of any domestic, foreign, or alien reciprocal insurer. Any corporation now or hereafter organized under the laws of this state shall, in addition to the rights, powers, and franchises specified in its articles of incorporation, have full power and authority as a subscriber to exchange insurance contracts through such reciprocal insurance. The right to exchange such contracts is hereby declared to be incidental to the purposes for which such corporations are organized and to be fully granted as the rights and powers expressly conferred upon such corporations. Government or governmental agencies, state or political subdivisions thereof, boards, associations, estates, trustees or fiduciaries are authorized to exchange nonassessable reciprocal inter-insurance contracts with each other and with individuals, partnerships, and corporations to the same extent that individuals, partnerships and corporations are herein authorized to exchange reciprocal inter-insurance contracts. Any officer, representative, trustee, receiver, or legal representative of any such subscriber shall be recognized as acting for or on its behalf for the purpose of such contract but shall not be personally liable upon such contract by reason of acting in such representative capacity. |Laws 1957, p. 358, § 2919.
36 OK Stat § 36-2920 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2920. Subscribers' advisory committee.

|A. The advisory committee of a domestic reciprocal insurer exercising the subscribers' rights shall be selected under such rules as the subscribers adopt. |B. Not less than two-thirds (2/3) of such committee shall be subscribers other than the attorney, or any person employed by, representing, or having a financial interest in the attorney.C. The committee shall:1. Supervise the finances of the insurer;2. Supervise the insurer's operations to such extent as to assure conformity with the subscribers' agreement and power of attorney;3. Procure the audit of the accounts and records of the insurer and of the attorney at the expense of the insurer;4. Have such additional powers and functions as may be conferred by the subscribers' agreement.Laws 1957, p. 358, § 2920.
36 OK Stat § 36-2921 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2921. Subscriber's liability.

|A. The liability of each subscriber, other than as to a nonassessable policy, for the obligations of the reciprocal insurer shall be an individual, several, and proportionate liability, and not joint. |B. Except as to a nonassessable policy each subscriber shall have a contingent assessment liability, in the amount provided for in the power of attorney or in the subscribers' agreement, for payment of actual losses and expenses incurred while his policy was in force. Such contingent liability may be at the rate of not less than one nor more than ten times the premium or premium deposit stated in the policy, and the maximum aggregate thereof shall be computed in the manner set forth in section 2925 of this article.C. Each assessable policy issued by the insurer shall contain a statement of the contingent liability, set in type of the same prominence as the insuring clause.Laws 1957, p. 358, § 2921.