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§ 634. Valid license required--Exempt entities

Oklahoma Statutes AnnotatedTitle 36. InsuranceEffective: November 1, 2019

Oklahoma Statutes Annotated
Title 36. Insurance (Refs & Annos)
Chapter 1. Insurance Code (Refs & Annos)
Article 6a. Multiple Employer Welfare Arrangements
Effective: November 1, 2019
36 Okl.St.Ann. § 634
§ 634. Valid license required--Exempt entities
Currentness
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 act1 shall not apply to:
1. A MEWA that offers or provides benefits that are fully insured by an authorized insurer;
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);2
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;3 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.

Credits

Laws 1992, c. 374, § 2, eff. Jan. 1, 1993; Laws 2004, c. 416, § 1, emerg. eff. June 4, 2004; Laws 2019, c. 425, § 1, eff. Nov. 1, 2019.

Footnotes

1
Title 36, § 633 et seq.
2
29 U.S.C.A. § 1001 et seq.
3
O.S.L. 1992, c. 374, eff. Jan. 1, 1993.
36 Okl. St. Ann. § 634, OK ST T. 36 § 634
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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