Section 634 - Valid license required - Exempt entitiesA. It is unlawful to operate, maintain or establish a MEWA unless the MEWA has a valid license issued by the Insurance Commissioner. Any MEWA operating in this state without a valid license is an unauthorized insurer.B. This act shall not apply to: 1. A MEWA that offers or provides benefits that are fully insured by an authorized insurer;2. A MEWA that is exempt from state insurance regulation in accordance with the Employee Retirement Income Security Act of 1974 (ERISA) (Public Law 93-406) ; 3. Any plan that has no more than two employer members which share substantial common support other than income generated by their respective similar business classification;4. A plan that has no more than two employer members, which together have a combined net worth of more than Five Million Dollars ($5,000,000.00) and each of such member employers participated in the continuous sponsorship and maintenance of such MEWA for the benefit of their employees for a period of more than ten (10) years next preceding the effective date of this act; or 5. A nonprofit professional trade association pursuant to Section 501(c)(3) of the Internal Revenue Code, 26 U.S.C., Section 501(c)(3), which has maintained either a self-funded plan or a fully insured plan of coverage for the payment of expenses to or for members of the association for a period of ten (10) or more consecutive years and, if self-funded, which coverage is provided to at least five hundred covered participants.C. Any entity which claims to be exempt from state regulation pursuant to subsection B of this section shall provide to the Commissioner strict proof establishing such exemption.Okla. Stat. tit. 36, § 634
Amended by Laws 2019 , c. 425, s. 1, eff. 11/1/2019.Added by Laws 1992, c. 374, § 2, eff. Ja nuary 1, 1993; Amended by Laws 2004 , HB 2140, c. 416, §1, emerg. eff. 6/4/2004.