§ 640. Denial, suspension or revocation of license--Corrective action plans--Rescission or modi...
Oklahoma Statutes AnnotatedTitle 36. InsuranceEffective: November 1, 2019
Effective: November 1, 2019
36 Okl.St.Ann. § 640
§ 640. Denial, suspension or revocation of license--Corrective action plans--Rescission or modification of suspension order
C. Whenever the financial condition of the MEWA is such that, if not modified or corrected, its continued operation would result in impairment or insolvency, in addition to any provisions in this act, the Commissioner may order the MEWA to file with the Commissioner and implement a corrective action plan designed to correct such impairment or insolvency.
If the MEWA fails to submit a plan within the time specified by the Commissioner or submits a plan that is insufficient, the Commissioner may order the MEWA to implement corrective actions as necessary to correct the MEWA's financial condition.
D. The Commissioner shall, in any order suspending the authority of a MEWA to enroll new insureds, specify the period during which the suspension is to be in effect and the conditions, if any, that must be met prior to reinstatement of its authority to enroll new insureds. The order of suspension is subject to rescission or modification by further order of the Commissioner before the expiration of the suspension period. Reinstatement shall not be made unless requested in writing by the MEWA; however, the Commissioner shall not grant reinstatement if it is found that the circumstances for which suspension occurred still exist.
Credits
Laws 1992, c. 374, § 8, eff. Jan. 1, 1993; Laws 2019, c. 425, § 5, eff. Nov. 1, 2019.
Footnotes
Title 36, § 633 et seq.
36 Okl. St. Ann. § 640, OK ST T. 36 § 640
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.
End of Document |