§ 38.2-6103. Issuance of license; capital and surplus; impairment.
A. The Commission shall issue a license to a dental plan organization afterthe filing of a complete application and payment of a $500 nonrefundableapplication fee, if the Commission is satisfied that:
1. The persons who are responsible for conducting the affairs of the dentalplan organization are trustworthy and capable of providing, arranging for, orpaying benefits for the services offered by its dental plan;
2. The dental plan organization is financially responsible and may reasonablybe expected to meet its obligations to enrollees. In making thisdetermination, the Commission shall consider, among other things, thefollowing:
a. The financial statements of the dental plan organization;
b. The adequacy of working capital;
c. Any contracts with plan dentists;
d. The deposit of acceptable securities, which shall be in an amount of noless than $50,000; and
e. The applicant's minimum capital and surplus, which shall be the greater of$750,000 or 45 days of anticipated operating expenses and incurred claimsexpenses.
3. Nothing in the method of operation is contrary to the public interest, asshown in the information submitted pursuant to § 38.2-6102 or Chapter 58 (§38.2-5800 et seq.) of this title or by independent investigation.
B. A licensed dental plan organization shall have and maintain at all timesthe minimum capital and surplus described in subdivision A 2 e. Thelicensee's capital and surplus shall be subject also to the risk-basedcapital requirements of Chapter 55 (§ 38.2-5500 et seq.) of this title.
1. If the Commission finds that the minimum capital and surplus of a domesticdental plan organization is impaired, the Commission shall issue an orderrequiring the dental plan organization to eliminate the impairment within aperiod not exceeding 90 days. The Commission may by order served upon thedental plan organization prohibit the dental plan organization from issuingany new dental benefit contracts while the impairment exists. If at theexpiration of the designated period the dental plan organization has notsatisfied the Commission that the impairment has been eliminated, an orderfor the rehabilitation or liquidation of the dental plan organization may beentered as provided in Chapter 15 (§ 38.2-1500 et seq.) of this title.
2. If the Commission finds an impairment of the minimum capital and surplusof any foreign dental plan organization, the Commission may order the dentalplan organization to eliminate the impairment. The Commission may, by orderserved upon the dental plan organization, prohibit the dental planorganization from issuing any new dental benefit contracts while theimpairment exists. If the dental plan organization fails to comply with theCommission's order within a period of not more than 90 days, the Commissionmay suspend or revoke the license of the dental plan organization.
§ 38.2-6103. Issuance of license; capital and surplus; impairment.
A. The Commission shall issue a license to a dental plan organization afterthe filing of a complete application and payment of a $500 nonrefundableapplication fee, if the Commission is satisfied that:
1. The persons who are responsible for conducting the affairs of the dentalplan organization are trustworthy and capable of providing, arranging for, orpaying benefits for the services offered by its dental plan;
2. The dental plan organization is financially responsible and may reasonablybe expected to meet its obligations to enrollees. In making thisdetermination, the Commission shall consider, among other things, thefollowing:
a. The financial statements of the dental plan organization;
b. The adequacy of working capital;
c. Any contracts with plan dentists;
d. The deposit of acceptable securities, which shall be in an amount of noless than $50,000; and
e. The applicant's minimum capital and surplus, which shall be the greater of$750,000 or 45 days of anticipated operating expenses and incurred claimsexpenses.
3. Nothing in the method of operation is contrary to the public interest, asshown in the information submitted pursuant to § 38.2-6102 or Chapter 58 (§38.2-5800 et seq.) of this title or by independent investigation.
B. A licensed dental plan organization shall have and maintain at all timesthe minimum capital and surplus described in subdivision A 2 e. Thelicensee's capital and surplus shall be subject also to the risk-basedcapital requirements of Chapter 55 (§ 38.2-5500 et seq.) of this title.
1. If the Commission finds that the minimum capital and surplus of a domesticdental plan organization is impaired, the Commission shall issue an orderrequiring the dental plan organization to eliminate the impairment within aperiod not exceeding 90 days. The Commission may by order served upon thedental plan organization prohibit the dental plan organization from issuingany new dental benefit contracts while the impairment exists. If at theexpiration of the designated period the dental plan organization has notsatisfied the Commission that the impairment has been eliminated, an orderfor the rehabilitation or liquidation of the dental plan organization may beentered as provided in Chapter 15 (§ 38.2-1500 et seq.) of this title.
2. If the Commission finds an impairment of the minimum capital and surplusof any foreign dental plan organization, the Commission may order the dentalplan organization to eliminate the impairment. The Commission may, by orderserved upon the dental plan organization, prohibit the dental planorganization from issuing any new dental benefit contracts while theimpairment exists. If the dental plan organization fails to comply with theCommission's order within a period of not more than 90 days, the Commissionmay suspend or revoke the license of the dental plan organization.
§ 38.2-6103. Issuance of license; capital and surplus; impairment.
A. The Commission shall issue a license to a dental plan organization afterthe filing of a complete application and payment of a $500 nonrefundableapplication fee, if the Commission is satisfied that:
1. The persons who are responsible for conducting the affairs of the dentalplan organization are trustworthy and capable of providing, arranging for, orpaying benefits for the services offered by its dental plan;
2. The dental plan organization is financially responsible and may reasonablybe expected to meet its obligations to enrollees. In making thisdetermination, the Commission shall consider, among other things, thefollowing:
a. The financial statements of the dental plan organization;
b. The adequacy of working capital;
c. Any contracts with plan dentists;
d. The deposit of acceptable securities, which shall be in an amount of noless than $50,000; and
e. The applicant's minimum capital and surplus, which shall be the greater of$750,000 or 45 days of anticipated operating expenses and incurred claimsexpenses.
3. Nothing in the method of operation is contrary to the public interest, asshown in the information submitted pursuant to § 38.2-6102 or Chapter 58 (§38.2-5800 et seq.) of this title or by independent investigation.
B. A licensed dental plan organization shall have and maintain at all timesthe minimum capital and surplus described in subdivision A 2 e. Thelicensee's capital and surplus shall be subject also to the risk-basedcapital requirements of Chapter 55 (§ 38.2-5500 et seq.) of this title.
1. If the Commission finds that the minimum capital and surplus of a domesticdental plan organization is impaired, the Commission shall issue an orderrequiring the dental plan organization to eliminate the impairment within aperiod not exceeding 90 days. The Commission may by order served upon thedental plan organization prohibit the dental plan organization from issuingany new dental benefit contracts while the impairment exists. If at theexpiration of the designated period the dental plan organization has notsatisfied the Commission that the impairment has been eliminated, an orderfor the rehabilitation or liquidation of the dental plan organization may beentered as provided in Chapter 15 (§ 38.2-1500 et seq.) of this title.
2. If the Commission finds an impairment of the minimum capital and surplusof any foreign dental plan organization, the Commission may order the dentalplan organization to eliminate the impairment. The Commission may, by orderserved upon the dental plan organization, prohibit the dental planorganization from issuing any new dental benefit contracts while theimpairment exists. If the dental plan organization fails to comply with theCommission's order within a period of not more than 90 days, the Commissionmay suspend or revoke the license of the dental plan organization.
