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.
OKLAHOMA CITY – Reps. Mark McBride, R-Moore, and Forrest Bennett, D-Oklahoma City, today celebrated the governor's signing of House Bill 3305, establishing the Oklahoma Ireland Trade Commission. The act becomes effective Nov. 1. The Commission will consist of nine members with the purpose of advancing business and other mutually beneficial activities between Oklahoma and Ireland. The Commission is required to report any findings or recommendations to the governor and legislative leadership within one year of its first meeting and by Feb. 1 each year thereafter. "Many Oklahomans are of Irish descent or have close ties to the Emerald Isle," McBride said. "We've enjoyed a rich history of sharing resources and trust with this longtime trade partner and ally. The work of this Commission will increase and strengthen our partnerships in business, culture and goodwill." McBride, the House author of the measure, said it was important this move forward as a bipartisan effort. It was co-authored and carried in committee and on the House floor by Rep. Bennett. "I'm thrilled to see us one step closer to making the Commission a reality," Bennett said. "We've already received enthusiastic interest from Oklahomans in the private sector, as well as the support of our colleagues, and we look forward to utilizing the Irish Trade Commission to build on the strong economic and cultural ties that bind us with Ireland." Sen. Greg McCortney, R-Ada, is the Senate author of the bill. The legislation was in collaboration with Mark Daly, chair of the Senate of Ireland. It matches efforts in other states to create similar trade commissions. In committee, Bennett said that Ireland is home to 950 U.S. companies that use the island-nation as a jumping off point for the European trade market, which has 450 million consumers, and the United Kingdom market, which is 67 million consumers. Ireland is the ninth-largest investor in the United States' economy. Bennett also made reference to an existing relationship between the Choctaw Nation in Oklahoma and the Irish that has existed since members of the Choctaw Nation sent aid to the Irish during that country's devastating potato famine in the 1840s. In 2017, a sculpture commemorating the gift was dedicated in Midleton in County Cork, Ireland.
The Oklahoma House of Representatives recently honored Oklahoma State University's 1979 National Champion Livestock Judging team on the House floor. The team was introduced on the floor by Rep. Dick Lowe, R-Amber, who was a member of the team while studying at OSU. Lowe introduced the team's coach, Dr. Bob Kropp, along with members Tom Kissee, Terry Richardson, Stan Comer, Bill Robertson and Bill Wilkins. The presentation was the opening event for the OSU Day celebration at the State Capitol on April 24th. "It was an honor to recognize these outstanding gentlemen and celebrate the 45th anniversary of our national championship," Lowe said. "These guys became lifelong friends, and Dr. Kropp has always been somebody that I've not only admired, but has become a mentor and friend. It was very special to celebrate this great team and the legacy of excellence in OSU's livestock judging teams." This year marks 45 years since Lowe's team took home the national championship. OSU first won a national championship in livestock judging in 1925 and, since then, has earned more championships than any other university in the country.