Oklahoma § 36-2603 - Certificate of authority; requirements

§ 36-2603. Certificate of authority; requirements

The Insurance Commissioner shall issue a certificate of

authority authorizing the applicant to issue contracts to its

subscribers when it is shown to the satisfaction of the Commissioner

that:

1. The applicant is established as a bona fide not-for-profit

hospital service or indemnity corporation and/or a not-for-profit

medical or indemnity corporation;

2. The contracts between the applicant and the participating

hospitals, physicians, or other health care providers, if any,

obligate each hospital, physician, or other health care provider

executing the same to render service to which each subscriber may be

entitled under the terms of the contract to be issued to the

subscribers;

3. The amounts provided as working capital of the corporation

are repayable, without interest, out of operating expenses;

4. The amount of money actually available for working capital

is sufficient to carry on the plan for a period of six (6) months

from the date of issuance of the certificate of authority; and

5. The applicant has secured contracts of participation from

sufficient hospitals, physicians, or other health care providers to

provide ample protection for its subscribers within the area

proposed to be served by the applicant.

Amended by Laws 1988, c. 227, § 3, emerg. eff. June 20, 1988.