§36-660.8. Converting insurer — Holding company formation — Rights
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/ok/title-36-insurance/36-660-8·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
and obligations.
A. A converting company, on approval by the Oklahoma Insurance Commissioner, may reorganize by forming a holding company based on a mutual plan and continuing the corporate existence of the converting company as a stock insurance company.
B. A mutual holding company is automatically a party to an administrative proceeding under Oklahoma Statute involving an insurance company that, as a result of a reorganization under this act, is a subsidiary of the mutual holding company. In a proceeding involving the resulting company, the assets of the mutual holding company are considered assets of the resulting company for purposes of satisfying the claims of the resulting company's policyholders.
C. A mutual holding company may not dissolve or liquidate without the approval of the Commissioner.
D. A mutual holding company may convert to a stock holding company under this act as if the mutual holding company were a mutual insurance company. Added by Laws 2024, c. 194, § 8, eff. Nov. 1, 2024.