{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-6530.4","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-6530.4","heading":"Oklahoma Individual Health Insurance Market","body":"Stabilization Program.\n\nA. There is hereby created a nonprofit legal entity to be known\n\nas the \"Oklahoma Individual Health Insurance Market Stabilization\n\nProgram\".\n\nB. 1. The Program shall operate under the management of a\n\nnine-member Board of Directors appointed by the Insurance\n\nCommissioner. The Board shall consist of:\n\na. two representatives of domestic insurance companies\n\nlicensed to do business in this state,\n\nb. one member from the general public who is a member of\n\nthe class of individuals to which the program would\n\napply,\n\nc. one representative of a health maintenance\n\norganization,\n\nd. one member from a health-related profession,\n\ne. one member from the general public who is not\n\nassociated with the medical profession, a hospital or\n\nan insurer,\n\nf. one representative of reinsurers, and\n\ng. two representatives from the providers of individual\n\nplans licensed to do business in this state.\n\n2. The original Board shall be appointed for the following\n\nterms:\n\na. three members for a term of one (1) year,\n\nb. three members for a term of two (2) years, and\n\nc. three members for a term of three (3) years.\n\n3. All terms after the initial term shall be for three (3)\n\nyears.\n\n4. The Board shall elect one of its members as chairperson.\n\n5. Members of the Board may be reimbursed from monies of the\n\nProgram for actual and necessary expenses incurred by them in the\n\nperformance of their official duties as members of the Board but\n\nshall not otherwise be compensated for their services.\n\n6. The Board shall adopt a plan of operation and submit its\n\narticles, bylaws and operating rules to the Insurance Commissioner\n\nfor approval. If the Board fails to submit a suitable plan of\n\noperation, articles, bylaws and operating rules within one hundred\n\neighty (180) days, then the Insurance Commissioner shall promulgate\n\nrules governing the operation of the Program. If the Board\n\nsubsequently adopts and submits any plan of operation, articles,\n\nbylaws or operating rules that are approved by the Commissioner,\n\nthen the Commissioner shall revoke prior adopted administrative\n\nrules that the Commissioner determines to be inconsistent with the\n\napproved plan of operation, articles, bylaws or operating rules.\n\n7. The Board shall have the authority to hire an Executive\n\nDirector of the Program.\n\n8. The Oklahoma Insurance Department shall provide\n\nadministrative and operational support to the Program and to the\n\nBoard. The Board shall reimburse the Insurance Commissioner for any\n\ndirect and actual administrative costs associated with administering\n\nthe provisions of this act from monies collected by the Board.\n\nC. The Board shall cause an audit to be made of, including, but\n\nnot limited to, the funds, accounts and fiscal affairs of the\n\nProgram which shall be prepared by an independent certified public\n\naccountant or a licensed public accountant. One copy of the annual\n\naudit shall be filed with the State Auditor and Inspector, and one\n\ncopy shall be presented to the Board not more than one hundred\n\ntwenty (120) days following the close of each fiscal year. In the\n\nevent that a copy of the audit as required by this section is not\n\nfiled with the State Auditor and Inspector within the time herein\n\nprovided, the State Auditor and Inspector is authorized to either\n\ncommence an audit or employ a certified public accountant or\n\nlicensed public accountant to make the audit herein required at the\n\ncost and expense of the Program.","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":"39b0f4be28e94739fee40089fd1d91ef529d9d0942c3019c185507b27fb8bec5","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-6530.3","next":"us-ok/okla.-stat.-tit.-36-36-6530.5"},"notice":"GroundRules: Original legal text. Not legal advice."}