Oklahoma § 36-634 - Valid license required - Exempt entities

§ 36-634. Valid license required - Exempt entities

A. It is unlawful to operate, maintain or establish a MEWA

unless the MEWA has a valid license issued by the Insurance

Commissioner. Any MEWA operating in this state without a valid

license is an unauthorized insurer.

B. This act shall not apply to:

1. A MEWA that offers or provides benefits that are fully

insured by an authorized insurer;

Oklahoma Statutes - Title 36. Insurance

2. A MEWA that is exempt from state insurance regulation in

accordance with the Employee Retirement Income Security Act of 1974

(ERISA) (Public Law 93-406);

3. Any plan that has no more than two employer members which

share substantial common support other than income generated by

their respective similar business classification;

4. A plan that has no more than two employer members, which

together have a combined net worth of more than Five Million Dollars

($5,000,000.00) and each of such member employers participated in

the continuous sponsorship and maintenance of such MEWA for the

benefit of their employees for a period of more than ten (10) years

next preceding the effective date of this act; or

5. A nonprofit professional trade association pursuant to

Section 501(c)(3) of the Internal Revenue Code, 26 U.S.C., Section

501(c)(3), which has maintained either a self-funded plan or a fully

insured plan of coverage for the payment of expenses to or for

members of the association for a period of ten (10) or more

consecutive years and, if self-funded, which coverage is provided to

at least five hundred covered participants.

C. Any entity which claims to be exempt from state regulation

pursuant to subsection B of this section shall provide to the

Commissioner strict proof establishing such exemption.

Added by Laws 1992, c. 374, § 2, eff. Jan. 1, 1993. Amended by Laws

2004, c. 416, § 1, emerg. eff. June 4, 2004; Laws 2019, c. 425, § 1,

eff. Nov. 1, 2019.