A. Issuance of a certificate of authority for a prepaid vision plan organization shall be granted by the Insurance Commissioner if the Commissioner is satisfied that the following conditions are met: 1. The requirements of Section 6 of this act have been fulfilled; 2. The persons, organization, or entity responsible for conducting the business affairs of the prepaid vision plan organization are competent, trustworthy, and professionally capable of providing or arranging for the provision of services offered; 3. The prepaid vision plan organization constitutes an appropriate mechanism to achieve an effective prepaid vision plan; 4. The prepaid vision plan organization has filed with the Commissioner a fidelity bond that is in its own name on its officers and employees in an amount not less than Fifty Thousand Dollars ($50,000.00) and is subject to the approval of the Commissioner; 5. The financial structure of the prepaid vision plan organization may reasonably be expected to meet obligations for payment of services for enrollees and prospective enrollees. In making this determination, the Commissioner may consider: a. the financial soundness of the arrangements made pursuant to the provisions of the prepaid vision plan for services and the schedule of charges used, b. any agreement with an insurer, hospital, medical service corporation, or any other organization for ensuring the payment of prepaid vision services, c. provisions in the plan for automatic coverage of vision services if the prepaid plan is discontinued, and d. the sufficiency of the agreement for prepaid vision services with providers of vision services; and 6. The Commissioner has not made a determination that the prepaid vision plan organization is incompetent, untrustworthy, or financially irresponsible, and the organization has not had any insurance license denied for cause by any state. B. A certificate of authority shall expire at midnight on June 30 following the date of issuance or the most recent renewal date, and annually on June 30 thereafter. If the prepaid vision plan organization remains in compliance with the provisions of this act and pays a renewal fee of One Hundred Dollars ($100.00), the certificate of authority may be renewed. C. Every prepaid vision plan organization, upon receipt of any inquiry from the Insurance Commissioner, shall furnish the Commissioner with an adequate response to the inquiry within twenty (20) days from the receipt of inquiry.
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