Section 660.8 - [Effective 11/1/2024]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.Okla. Stat. tit. 36, § 660.8
Added by Laws 2024, c. 194,s. 8, eff. 11/1/2024.