Oklahoma § 36-6977 - Certificate of authority to operate as prepaid vision

§ 36-6977. Certificate of authority to operate as prepaid vision

plan organization.

A. No person, organization, or entity, unless authorized

pursuant to an approved certificate of authority under Section 7 of

this act, shall establish or operate a prepaid vision plan

organization in this state or sell, offer to sell, solicit offers to

purchase, or receive advance or periodic consideration in

conjunction with a prepaid vision plan without obtaining and

maintaining a certificate of authority.

B. On or before February 1, 2025, every prepaid vision plan

organization operating in this state shall submit an application for

a certificate of authority to the Insurance Commissioner. Each

applicant may continue to operate as an organization until the

Commissioner acts upon the application.

Oklahoma Statutes - Title 36. Insurance

C. An application for a certificate of authority to operate as

a prepaid vision plan organization shall be electronically filed

with the Insurance Commissioner in the form and manner prescribed by

the Commissioner, along with any transaction or other applicable

fees. The application shall be verified by an officer or authorized

representative of the applicant and shall set forth or be

accompanied by:

1. A copy of any documents of organization of the applicant

such as the articles of incorporation, articles of association,

partnership agreement, trust agreement, or other applicable

documents, with all amendments to the documents;

2. A copy of any bylaws, rules, regulations, or similar

documents regulating the conduct of the internal affairs of the

applicant;

3. A list of the names, addresses, and official positions of

the persons who are responsible for the conduct of the business

affairs of the applicant, including all members of the board of

directors, board of trustees, executive committee, or other

governing board or committee, and the principal officers, in the

case of a corporation, or the partners or members in the case of a

partnership or association;

4. A copy of the form of any contract made or to be made

between any providers of vision services or persons listed in

paragraph 3 of this subsection and the applicant;

5. A statement generally describing the prepaid vision plan

organization, the facilities, personnel of the organization, and

prepaid vision plans offered by the organization;

6. A copy of the form of individual or group coverage or a copy

of any form of evidence of coverage to be issued to enrollees;

7. Financial statements showing assets, liabilities, and

sources of financial support of the applicant. If the financial

affairs of the applicant are audited by independent certified public

accountants, a copy of the most recent regular certified financial

statement for the applicant shall satisfy the requirement of this

paragraph, unless the Commissioner determines that additional or

more recent financial information is required;

8. A description of the proposed method of marketing the

prepaid vision plan, a financial prospectus which includes a threeyear projection of the initial operating results anticipated, and a

statement as to the sources of working capital available for the

operation of the prepaid vision plan and any other source of

funding;

9. A power of attorney, duly executed by the applicant if not

domiciled in this state, appointing the Commissioner as the true and

lawful representative for service of process for the applicant in

this state upon whom all lawful process in any legal action or

Oklahoma Statutes - Title 36. Insurance

proceeding against the prepaid vision plan organization on a cause

of action arising in this state may be served;

10. A fee of One Hundred Dollars ($100.00) for issuance of a

certificate of authority; and

11. Any other information as the Commissioner may require.

D. Within ten (10) days following any modification of

information previously furnished as required by subsection C of this

section, a prepaid vision plan organization shall file a notice of

the modification with the Commissioner, in the form and manner

prescribed by the Commissioner, along with any applicable fees.

E. Any service of legal process against a prepaid vision plan

organization served upon the Commissioner shall comply with all

requirements set forth pursuant to Section 622 of Title 36 of the

Oklahoma Statutes for legal processes against a foreign or alien

insurer.

Added by Laws 2024, c. 360, § 6, emerg. eff. May 30, 2024.