A. A prepaid dental plan organization shall keep on deposit with the Insurance Commissioner cash certificates of deposit issued by solvent insured banks and trust companies in Oklahoma, or a combination of cash certificates or securities eligible for investment of capital funds, which have been approved by the Commissioner in the following amounts:
Number of membersDeposit
5,000 or less$25,000.00
5,001 - 7,500$30,000.00
7,501 - 10,000$50,000.00
10,001 - 15,000$75,000.00
15,001 - 20,000$100,000.00
20,001 - 25,000$125,000.00
25,001 - 30,000$150,000.00
30,001 - 40,000$175,000.00
40,001 and above$200,000.00
B. The deposit required by the provisions of subsection A of this section shall be held by the Commissioner in trust for the benefit and protection of persons covered by a prepaid dental plan and shall not be subject to attachment by any creditors of the prepaid dental organization or plan.
C. Any securities required by the provisions of subsection A of this section, with the approval of the Commissioner, may be exchanged for similar securities or cash of equal amount. Interest on securities deposited shall be payable to the prepaid dental plan organization depositing such securities.
D. An unpaid final judgment arising upon a membership coverage shall be a lien on the deposit held by the Commissioner, subject to execution after thirty (30) days from the entry of final judgment, unless the judgment is satisfied. If the deposit held by the Commissioner is reduced, the deposit shall be replenished within ninety (90) days by the prepaid dental plan organization.
E. The deposit prescribed by the provisions of subsection A of this section shall not apply to a prepaid dental plan organization which is funded by the state, a political subdivision of the state, or the United States.
F. Upon liquidation or dissolution of a prepaid dental plan organization and the satisfaction of all debts and liabilities of the organization, any balance remaining of the cash or securities deposit as prescribed in subsection A of this section together with any other assets of the prepaid dental plan organization shall be returned by the Commissioner to the prepaid dental plan organization.
Added by Laws 1983, c. 66, § 6, eff. Nov. 1, 1983. Amended by Laws 2014, c. 275, § 18, eff. Nov. 1, 2014.
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