SB 636 Summary

• Creates the Vision Plan Licensure Act requiring Vision Plan Organizations to obtain licensure from the Oklahoma Insurance Commissioner before issuing vision coverage contracts, with exemptions for licensed insurance companies and direct care plans already holding certificates of authority.

• Establishes licensure requirements including $25,000 minimum working capital, $1,000 application fee, $150 license issuance fee, fidelity bonds of $50,000 per officer, and mandatory deposits ranging from $1,000 to $25,000 based on subscriber count.

• Requires Vision Plan Organizations to file annual reports by March 1 containing certified financial statements, subscriber information, and care cost data, with vision coverage contracts requiring Insurance Commissioner approval before issuance.

• Authorizes the Insurance Commissioner to examine Vision Plan Organizations, suspend or revoke licenses for violations, and impose fines up to $5,000 per violation; prohibits coverage exclusions or provider discrimination by Vision Plan Organizations.

• Effective November 1, 2015, with existing vision plan providers required to apply for licenses within 60 days or face penalties.