{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-6978","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-6978","heading":"Conditions for issuance of certificate of authority","body":"A. Issuance of a certificate of authority for a prepaid vision\n\nplan organization shall be granted by the Insurance Commissioner if\n\nthe Commissioner is satisfied that the following conditions are met:\n\n1. The requirements of Section 6 of this act have been\n\nfulfilled;\n\n2. The persons, organization, or entity responsible for\n\nconducting the business affairs of the prepaid vision plan\n\norganization are competent, trustworthy, and professionally capable\n\nof providing or arranging for the provision of services offered;\n\n3. The prepaid vision plan organization constitutes an\n\nappropriate mechanism to achieve an effective prepaid vision plan;\n\n4. The prepaid vision plan organization has filed with the\n\nCommissioner a fidelity bond that is in its own name on its officers\n\nand employees in an amount not less than Fifty Thousand Dollars\n\n($50,000.00) and is subject to the approval of the Commissioner;\n\n5. The financial structure of the prepaid vision plan\n\norganization may reasonably be expected to meet obligations for\n\npayment of services for enrollees and prospective enrollees. In\n\nmaking this determination, the Commissioner may consider:\n\na. the financial soundness of the arrangements made\n\npursuant to the provisions of the prepaid vision plan\n\nfor services and the schedule of charges used,\n\nb. any agreement with an insurer, hospital, medical\n\nservice corporation, or any other organization for\n\nensuring the payment of prepaid vision services,\n\nc. provisions in the plan for automatic coverage of\n\nvision services if the prepaid plan is discontinued,\n\nand\n\nd. the sufficiency of the agreement for prepaid vision\n\nservices with providers of vision services; and\n\n6. The Commissioner has not made a determination that the\n\nprepaid vision plan organization is incompetent, untrustworthy, or\n\nfinancially irresponsible, and the organization has not had any\n\ninsurance license denied for cause by any state.\n\nB. A certificate of authority shall expire at midnight on June\n\n30 following the date of issuance or the most recent renewal date,\n\nand annually on June 30 thereafter. If the prepaid vision plan\n\norganization remains in compliance with the provisions of this act\n\nand pays a renewal fee of One Hundred Dollars ($100.00), the\n\ncertificate of authority may be renewed.\n\nC. Every prepaid vision plan organization, upon receipt of any\n\ninquiry from the Insurance Commissioner, shall furnish the\n\nCommissioner with an adequate response to the inquiry within twenty\n\n(20) days from the receipt of inquiry.","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":"5d38fa9a2172c5693c2a33bbadeb001670aba0b7343e9cabee837711b7471e40","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-6977","next":"us-ok/okla.-stat.-tit.-36-36-6979"},"notice":"GroundRules: Original legal text. Not legal advice."}