The Insurance Commissioner shall certify nonprofit dental service corporations by issuing a certificate of authority, authorizing the applicant to issue contracts to its subscribers, when it is shown to the satisfaction of the Commissioner that:
1. The applicant is established as a bona fide nonprofit dental service corporation;
2. The contracts between the applicant and the participating dentists or other providers of health services, if any, obligate each provider executing the same to render service to which each subscriber may be entitled under the terms of the contract to be issued to the subscribers;
3. The amount of required working capital of the corporation is paid into the corporation and, if subject to repayment, can be repaid, but without interest, and only out of operating income;
4. The amount of money actually available for working capital is sufficient to carry on the plan for a period of three (3) months from the date of issuance of the certificate of authority; and
5. The applicant has secured signed contracts of participation from not less than one-third (1/3) of the dentists within this state who hold a current license issued by the Board of Dentistry pursuant to the State Dental Act. The form of such contracts of participation shall be approved by the Board of Dentistry prior to securing the required signatures.
Added by Laws 1973, c. 104, § 3, emerg. eff. May 3, 1973. Amended by Laws 2000, c. 283, § 1, eff. Nov. 1, 2000.