Opinion ID: 1428275
Heading Depth: 1
Heading Rank: 4

Heading: tewca's arguments

Text: ¶ 12 TEWCA urges that the 1996 amendment [10] did not substantively change pre-existing law but rather clarified it. According to TEWCA, subsection C explains that a membership in self-insurance associations is not and never has been deemed a security subject to registration under Oklahoma Securities Act. [11] ¶ 13 TEWCA admits that during Polymer's membership period the Board did not regularly conduct formal meetings. Its failure to have membership meetings, TEWCA maintains, is merely a technical departure but not a material breach of its contract with Polymer. ¶ 14 According to TEWCA, its membership grouping, although diverse, did indeed have a recognizable common purpose for associatingone to lower the individual member's workers' compensation coverage expense through a group self-insurance association.