{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-637","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-637","heading":"Application for license","body":"Each MEWA shall file with the Insurance Commissioner an\n\napplication for a license on a form prescribed by the Commissioner\n\nand signed under oath by officers of the association or the\n\nadministrator of the MEWA. The application shall include or have\n\nattached the following:\n\n1. A copy of any articles of incorporation, constitution and\n\nbylaws of any association;\n\n2. A list of the names, addresses and official capacities with\n\nthe MEWA of the individuals who will be responsible for the\n\nmanagement and conduct of the affairs of the MEWA, including all\n\ntrustees, officers and directors. Such individuals shall fully\n\ndisclose the extent and nature of any contracts or arrangements\n\nbetween them and the MEWA, including possible conflicts of interest;\n\n3. A copy of the articles of incorporation, bylaws or trust\n\nagreement that governs the operation of the MEWA;\n\n4. A copy of the policy, contract, certificate, summary plan\n\ndescription or other evidence of the benefits and coverages provided\n\nto covered employees, including a table of the rates charged or\n\nproposed to be charged for each form of such contract. A qualified\n\nactuary shall certify that:\n\na. the rates are neither inadequate, nor excessive, nor\n\nunfairly discriminatory,\n\nb. the rates are appropriate for the classes of risks for\n\nwhich that have been computed, and\n\nc. an adequate description of the rating methodology has\n\nbeen filed with the Commissioner and such methodology\n\nfollows consistent and equitable actuarial principles.\n\nFor purposes of this section and Section 639 of this title, a\n\n\"qualified actuary\" is an actuary who is a Fellow of the Society of\n\nActuaries (FSA), a member of the American Academy of Actuaries, or\n\nan Enrolled Actuary under the Employee Retirement Income Security\n\nAct of 1974, 29 U.S.C., Section 1001 et seq., and has experience in\n\nestablishing rates for a self-insured trust and health services\n\nbeing provided;\n\n5. Any administrator retained by the MEWA must be a licensed\n\nthird-party administrator. The MEWA must provide proof of a\n\nfidelity bond which shall protect against acts of fraud or\n\ndishonesty in servicing the MEWA, covering each person responsible\n\nfor servicing the MEWA, in an amount equal to the greater of ten\n\npercent (10%) of the contributions received by the MEWA or ten\n\npercent (10%) of the benefits paid, during the preceding calendar\n\nyear, with a minimum amount requirement of Twenty Thousand Dollars\n\n($20,000.00) and a maximum amount requirement of Five Hundred\n\nThousand Dollars ($500,000.00);\n\n6. A copy of the MEWA's stop-loss agreement. The stop-loss\n\ninsurance agreement must be issued by an insurer authorized to do\n\nbusiness in this state and must provide both specific and aggregate\n\ncoverage with an aggregate retention of no more than one hundred\n\ntwenty-five percent (125%) of the expected claims for the next plan\n\nyear and a specific retention amount as annually indicated in the\n\nactuarial opinion;\n\n7. In the initial application, a feasibility study, made by a\n\nqualified actuary with an opinion acceptable to the Commissioner,\n\nthat addresses market potential, market penetration, market\n\ncompetition, operating expenses, gross revenues, net income, total\n\nassets and liabilities, cash flow and other items as the\n\nCommissioner requires. The study shall be for the greater of three\n\n(3) years or until the MEWA has been projected to be profitable for\n\ntwelve (12) consecutive months. The study must show that the MEWA\n\nwould not, at any month end of the projection period, have less than\n\nninety percent (90%) of the reserves as required by a qualified\n\nactuary;\n\n8. A copy of an audited financial statement of the MEWA\n\nprepared by an independent licensed certified public accountant;\n\n9. A copy of every contract between the MEWA and any\n\nadministrator or service company; and\n\n10. Such additional information as the Commissioner may\n\nreasonably require.","path":["OK Code","Title 36"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os36.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"68791ea4266049ceb05e74777134a24b2b2a93f3dd59718dc28fbda9db8bf79a","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-636","next":"us-ok/okla.-stat.-tit.-36-36-638"},"notice":"GroundRules: Original legal text. Not legal advice."}