{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-6979","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-6979","heading":"Tangible net equity requirements — Trust deposit","body":"A. 1. Except as approved in accordance with subsection B of\n\nthis section, each prepaid vision plan organization shall at all\n\ntimes have and maintain tangible net equity equal to the greater of:\n\na. Fifty Thousand Dollars ($50,000.00), or\n\nb. two percent (2%) of the organization’s annual gross\n\npremium income, up to a maximum of the required\n\ncapital and surplus of an accident and health insurer.\n\n2. A prepaid vision plan organization that has uncovered\n\nexpenses in excess of Fifty Thousand Dollars ($50,000.00), as\n\nreported on the most recent annual financial statement filed with\n\nthe Insurance Commissioner, shall maintain tangible net equity equal\n\nto twenty-five percent (25%) of the uncovered expenses in excess of\n\nFifty Thousand Dollars ($50,000.00) in addition to the tangible net\n\nequity required by paragraph 1 of this subsection.\n\nB. 1. Each prepaid vision plan organization shall deposit in\n\ntrust with the Commissioner cash, securities eligible for the\n\ninvestment of capital funds under the Oklahoma Insurance Code, other\n\nmeasures deemed acceptable by the Commissioner, or any combination\n\nthereof in an amount equal to Twenty-five Thousand Dollars\n\n($25,000.00) plus twenty-five percent (25%) of the tangible net\n\nequity required in subsection A of this section; provided, however,\n\nthat the deposit shall not be required to exceed One Hundred\n\nThousand Dollars ($100,000.00). Any securities deposited under this\n\nsubsection shall be issued to the Commissioner and the prepaid\n\nvision plan organization and shall not be released by any company\n\nholding such security without the signatures of the Commissioner and\n\nthe authorized prepaid vision plan organization’s personnel.\n\n2. The deposit shall be an admitted asset of the prepaid vision\n\nplan organization in the determination of tangible net equity.\n\n3. All income from deposits shall be an asset of the prepaid\n\nvision plan organization. A prepaid vision plan organization may\n\nwithdraw a deposit or any part thereof after making a substitute\n\ndeposit of an equal amount and value. Any securities shall be\n\napproved by the Commissioner before being substituted.\n\n4. The deposit shall be used to protect the interests of the\n\nmembers of the prepaid vision plan organization and to assure\n\ncontinuation of vision plan services to members of a prepaid vision\n\nplan organization that is in rehabilitation or conservation. If a\n\nprepaid vision plan organization is placed in receivership or\n\nliquidation, the deposit shall be an asset subject to the provisions\n\nof Article 19 of the Oklahoma Insurance Code pursuant to Section\n\n1901 et seq. of Title 36 of the Oklahoma Statutes, provided the\n\ndeposit shall not be subject to attachment by any creditors of the\n\nprepaid vision plan organization.\n\n5. The deposit shall not apply to a prepaid vision plan\n\norganization that is funded by the United States government, this\n\nstate, or a political subdivision thereof.","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":"544eb697f7178e6febdaac3ad4e24da8391df38685e4a87089eed5ba4668cd04","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-6978","next":"us-ok/okla.-stat.-tit.-36-36-6980"},"notice":"GroundRules: Original legal text. Not legal advice."}