(1) The commissioner may visit once in each six months for the first three years after organization and once each year thereafter, or more often if deemed necessary by the commissioner, each prepaid dental care plan organization organized under part 1 of this article and this part 5 and examine its financial condition and its ability to meet its liabilities and its compliance with the laws of this state affecting the conduct of its business. The commissioner may visit and examine annually each prepaid dental care plan organization not organized under the laws of this state but authorized to transact business in this state.
The commissioner may in like manner examine each prepaid dental care plan organization applying for an initial certificate of authority to do business in this state under part 1 of this article and this part 5.
In lieu of making an examination, the commissioner may accept a full report of themost recent examination of a foreign or alien prepaid dental care plan organization, certified to by the appropriate examining official of another state, territory, commonwealth, or district of the United States.
Source: L. 92: Entire article R&RE, p. 1719, § 1, effective July 1.
Editor's note: This section is similar to former § 10-16.5-110 as it existed prior to 1992. 10-16-509. Operational expenses. No more than thirty percent of prepaid charges in the first year of any contract, twenty-five percent of prepaid charges in the second year of any contract, and twenty percent of prepaid charges in any subsequent contract year shall be used for the marketing and administrative expenses of a prepaid dental care plan organization, including all costs related to soliciting enrollees and providers.
Source: L. 92: Entire article R&RE, p. 1720, § 1, effective July 1.
Editor's note: This section is similar to former § 10-16.5-112 as it existed prior to 1992.