The Governor has recently signed a measure allowing mutual insurers in the state to reorganize into converted stock insurers and establish mutual holding companies.

Rep. Mark Tedford, R-Tulsa, authored House Bill 3090, which will streamline the transitioning of mutual insurance structures, fostering a more flexible and competitive insurance market.

"This legislation represents a forward-looking approach to enhancing the structure and operations of mutual insurers," Tedford said. "It lays out a clear roadmap for modernization while preserving existing policies and members' interests."

Under the measure, the conversion plan requires approval from the Insurance Commissioner and eligible members of the converting mutual insurer, with a decision by the commissioner expected within 60 days of submission.

HB3090 also establishes guidelines for mutual holding companies, setting forth the required content of the conversion plan, review criteria, and regulatory frameworks.

"Similar legislation is already in effect in 35 states," Tedford said. "This move will aid existing mutual insurers in their growth and competitiveness, enabling the state to attract more domiciled carriers."

HB3090 will go into effect on Nov. 1.