Okla. Stat. tit. 36 § 6977

Current through Laws 2024, c. 453.

Section 6977

A. No person, organization, or entity, unless authorized pursuant to an approved certificate of authority under Section 7 of this act, shall establish or operate a prepaid vision plan organization in this state or sell, offer to sell, solicit offers to purchase, or receive advance or periodic consideration in conjunction with a prepaid vision plan without obtaining and maintaining a certificate of authority.

B. On or before February 1, 2025, every prepaid vision plan organization operating in this state shall submit an application for a certificate of authority to the Insurance Commissioner. Each applicant may continue to operate as an organization until the Commissioner acts upon the application.

C. An application for a certificate of authority to operate as a prepaid vision plan organization shall be electronically filed with the Insurance Commissioner in the form and manner prescribed by the Commissioner, along with any transaction or other applicable fees. The application shall be verified by an officer or authorized representative of the applicant and shall set forth or be accompanied by:

1. A copy of any documents of organization of the applicant such as the articles of incorporation, articles of association, partnership agreement, trust agreement, or other applicable documents, with all amendments to the documents;

2. A copy of any bylaws, rules, regulations, or similar documents regulating the conduct of the internal affairs of the applicant;

3. A list of the names, addresses, and official positions of the persons who are responsible for the conduct of the business affairs of the applicant, including all members of the board of directors, board of trustees, executive committee, or other governing board or committee, and the principal officers, in the case of a corporation, or the partners or members in the case of a partnership or association;

4. A copy of the form of any contract made or to be made between any providers of vision services or persons listed in paragraph 3 of this subsection and the applicant;

5. A statement generally describing the prepaid vision plan organization, the facilities, personnel of the organization, and prepaid vision plans offered by the organization;

6. A copy of the form of individual or group coverage or a copy of any form of evidence of coverage to be issued to enrollees;

7. Financial statements showing assets, liabilities, and sources of financial support of the applicant. If the financial affairs of the applicant are audited by independent certified public accountants, a copy of the most recent regular certified financial statement for the applicant shall satisfy the requirement of this paragraph, unless the Commissioner determines that additional or more recent financial information is required;

8. A description of the proposed method of marketing the prepaid vision plan, a financial prospectus which includes a three-year projection of the initial operating results anticipated, and a statement as to the sources of working capital available for the operation of the prepaid vision plan and any other source of funding;

9. A power of attorney, duly executed by the applicant if not domiciled in this state, appointing the Commissioner as the true and lawful representative for service of process for the applicant in this state upon whom all lawful process in any legal action or proceeding against the prepaid vision plan organization on a cause of action arising in this state may be served;

10. A fee of One Hundred Dollars ($100.00) for issuance of a certificate of authority; and

11. Any other information as the Commissioner may require.

D. Within ten (10) days following any modification of information previously furnished as required by subsection C of this section, a prepaid vision plan organization shall file a notice of the modification with the Commissioner, in the form and manner prescribed by the Commissioner, along with any applicable fees.

E. Any service of legal process against a prepaid vision plan organization served upon the Commissioner shall comply with all requirements set forth pursuant to Section 622 of Title 36 of the Oklahoma Statutes for legal processes against a foreign or alien insurer.

Okla. Stat. tit. 36, § 6977

Added by Laws 2024, c. 360,s. 6, eff. 5/30/2024.