On Apr. 24, OKL LEG issued bill on converting mutual, stock insurers.
OKL LEG issued bill HB 3090 on converting mutual insurers, converted stock insurers.
Measure outlined the requirements for review and approval of reorganization plans.
New section of law to be codified under Oklahoma insurance law, OKL INS 36-660.1.
Bill Provisions
Provided on effective date of reorganization plan converting mutual insurer becomes converted stock insurer, mutual holding co./intermediate stock holding co. established.
Directed OKL INS Commissioner to review and approve reorganization plans submitted by board of directors of a converting mutual insurer; defined rules for plan approval.
Also provided organizational structure for each party associated in reorganization plan.
Legislative History
On Feb. 5, 2024, bill was introduced in House; on Mar. 12, 2024, bill passed House.
On Mar. 12, 2024, bill was introduced in Senate; on Apr. 23, 2024, bill passed Senate.
On Apr. 24, 2024, bill was enrolled, signed by both chambers, sent to governor.
Effectiveness
If enacted, effective Nov. 1, 2024.
Apr. 2024 OKL LEG Governor Approval
On Apr. 29, 2024, OKL LEG notified governor approved bill, effective Nov. 1, 2024.
Regulators
OKL LEG
Entity Types
IHC; Ins
Reference
Bill, 4/29/2024; Bill, HB3090, 4/24/2024; Citation: OKL INS 36;
