§36-2653. Certificate of authority; requirements.
199 words·~1 min read·
/ok/title-36-insurance/36-2653·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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;
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.