§36-660.11. Policyholder membership interests.
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/ok/title-36-insurance/36-660-11·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The membership interests of the policyholders of the resulting company become membership interests in the mutual holding company. Eligible members of the converting company become members of the mutual holding company in accordance with the articles of incorporation and bylaws of the mutual holding company.
B. A membership interest in a mutual holding company does not constitute a security, defined as:
1. A limited partner interest in a limited partnership;
2. A share;
3. A stock;
4. A treasury stock;
5. A stock certificate under a voting trust agreement;
6. A collateral trust certificate;
7. An equipment trust certificate;
8. A preorganization certificate or receipt;
9. A subscription or reorganization certificate;
10. A note, bond, debenture, mortgage certificate, or other evidence of indebtedness;
11. Any form of commercial paper;
12. A certificate in or under a profit-sharing or participation agreement;
13. A certificate or instrument representing an interest in or under an oil, gas, or mining lease, fee, or title;
14. A certificate or instrument representing or secured by an interest in any of the capital, property, assets, profits, or earnings of a company;
15. An investment contract; and
16. Any other instrument commonly known as a security, regardless of whether the instrument is similar to another instrument listed in this subsection.
This applies regardless of whether the security is evidenced by a written instrument. This definition does not include an insurance policy, endowment policy, annuity contract, or optional annuity contract, or any contract or agreement in relation to and in consequence of any such policy or contract, issued by an insurance company subject to the supervision or control of the Oklahoma Insurance Department when the form of such policy or contract has been filed with the Department as required by law. Added by Laws 2024, c. 194, § 11, eff. Nov. 1, 2024.