Oklahoma § 36-2653 - Certificate of authority; requirements

§ 36-2653. 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 nonprofit

optometric service or indemnity corporation;

2. The contracts between the applicant and the participating

optometrists, if any, obligate each optometrist 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;

Oklahoma Statutes - Title 36. Insurance

4. The amount of money actually available for working capital

is sufficient to carry on the plan for a period of three (3) months

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

5. The applicant has secured contracts of participation from

sufficient optometrists to provide ample protection for its

subscribers within the area proposed to be served by the applicant.

6. At least a majority of the directors of every such

optometric service plan corporation must at all times be Oklahoma

licensed optometrists.

Laws 1968, c. 150, § 3, emerg. eff. April 9, 1968.