Oklahoma § 36-6146 - Deposit required

§ 36-6146. Deposit required

A. A prepaid dental plan organization shall keep on deposit

with the Insurance Commissioner cash certificates of deposit issued

by solvent insured banks and trust companies in Oklahoma, or a

combination of cash certificates or securities eligible for

investment of capital funds, which have been approved by the

Commissioner in the following amounts:

Number of members

Deposit

5,000 or less

$25,000.00

5,001 - 7,500

$30,000.00

7,501 - 10,000

$50,000.00

10,001 - 15,000

$75,000.00

15,001 - 20,000

$100,000.00

20,001 - 25,000

$125,000.00

25,001 - 30,000

$150,000.00

30,001 - 40,000

$175,000.00

Oklahoma Statutes - Title 36. Insurance

40,001 and above

$200,000.00

B. The deposit required by the provisions of subsection A of

this section shall be held by the Commissioner in trust for the

benefit and protection of persons covered by a prepaid dental plan

and shall not be subject to attachment by any creditors of the

prepaid dental organization or plan.

C. Any securities required by the provisions of subsection A of

this section, with the approval of the Commissioner, may be

exchanged for similar securities or cash of equal amount. Interest

on securities deposited shall be payable to the prepaid dental plan

organization depositing such securities.

D. An unpaid final judgment arising upon a membership coverage

shall be a lien on the deposit held by the Commissioner, subject to

execution after thirty (30) days from the entry of final judgment,

unless the judgment is satisfied. If the deposit held by the

Commissioner is reduced, the deposit shall be replenished within

ninety (90) days by the prepaid dental plan organization.

E. The deposit prescribed by the provisions of subsection A of

this section shall not apply to a prepaid dental plan organization

which is funded by the state, a political subdivision of the state,

or the United States.

F. Upon liquidation or dissolution of a prepaid dental plan

organization and the satisfaction of all debts and liabilities of

the organization, any balance remaining of the cash or securities

deposit as prescribed in subsection A of this section together with

any other assets of the prepaid dental plan organization shall be

returned by the Commissioner to the prepaid dental plan

organization.

Added by Laws 1983, c. 66, § 6, eff. Nov. 1, 1983. Amended by Laws

2014, c. 275, § 18, eff. Nov. 1, 2014.