Mutual insurance companies; stating findings; prohibiting modifications of corporate structures. Emergency.

This bill prohibits mutual insurance companies in Oklahoma that were originally created by state statute and funded with legislative appropriations from changing their corporate structure to stock companies. The law mandates that any such company must first pay all policyholders the fair market value of their ownership interests before it can transition into a mutual holding company. Additionally, the legislation bars these specific insurers from pursuing any other structural changes while a court determines they are in the process of demutualization. The measure applies exclusively to entities like CompSource Mutual Insurance Company, which began with funds appropriated by the Legislature.