Okla. Stat. tit. 36, § 36-6530.4

Stabilization Program.

A. There is hereby created a nonprofit legal entity to be known

as the "Oklahoma Individual Health Insurance Market Stabilization

Program".

B. 1. The Program shall operate under the management of a

nine-member Board of Directors appointed by the Insurance

Commissioner. The Board shall consist of:

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a. two representatives of domestic insurance companies

licensed to do business in this state,

b. one member from the general public who is a member of

the class of individuals to which the program would

apply,

c. one representative of a health maintenance

organization,

d. one member from a health-related profession,

e. one member from the general public who is not

associated with the medical profession, a hospital or

an insurer,

f. one representative of reinsurers, and

g. two representatives from the providers of individual

plans licensed to do business in this state.

2. The original Board shall be appointed for the following

terms:

a. three members for a term of one (1) year,

b. three members for a term of two (2) years, and

c. three members for a term of three (3) years.

3. All terms after the initial term shall be for three (3)

years.

4. The Board shall elect one of its members as chairperson.

5. Members of the Board may be reimbursed from monies of the

Program for actual and necessary expenses incurred by them in the

performance of their official duties as members of the Board but

shall not otherwise be compensated for their services.

6. The Board shall adopt a plan of operation and submit its

articles, bylaws and operating rules to the Insurance Commissioner

for approval. If the Board fails to submit a suitable plan of

operation, articles, bylaws and operating rules within one hundred

eighty (180) days, then the Insurance Commissioner shall promulgate

rules governing the operation of the Program. If the Board

subsequently adopts and submits any plan of operation, articles,

bylaws or operating rules that are approved by the Commissioner,

then the Commissioner shall revoke prior adopted administrative

rules that the Commissioner determines to be inconsistent with the

approved plan of operation, articles, bylaws or operating rules.

7. The Board shall have the authority to hire an Executive

Director of the Program.

8. The Oklahoma Insurance Department shall provide

administrative and operational support to the Program and to the

Board. The Board shall reimburse the Insurance Commissioner for any

direct and actual administrative costs associated with administering

the provisions of this act from monies collected by the Board.

C. The Board shall cause an audit to be made of, including, but

not limited to, the funds, accounts and fiscal affairs of the

Program which shall be prepared by an independent certified public

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accountant or a licensed public accountant. One copy of the annual

audit shall be filed with the State Auditor and Inspector, and one

copy shall be presented to the Board not more than one hundred

twenty (120) days following the close of each fiscal year. In the

event that a copy of the audit as required by this section is not

filed with the State Auditor and Inspector within the time herein

provided, the State Auditor and Inspector is authorized to either

commence an audit or employ a certified public accountant or

licensed public accountant to make the audit herein required at the

cost and expense of the Program.