§ 56-31-101. Short Title
This chapter shall be known and may be cited as the “Vision Service Plan Law.”
§ 56-31-102. Chapter Definitions
As used in this chapter, unless the context otherwise requires: “Beneficiary” means a person designated in the subscription certificate referred to in subdivision (8) as entitled to the vision services referred to in subdivision (8); “Commissioner” means the commissioner of commerce and insurance; “Covered dependent” means the spouse and adult dependent or child of a […]
§ 56-31-103. Nonprofit Vision Service Corporation — Creation
Five (5) or more optometrists duly licensed to practice under the laws of this state may associate themselves by written articles of association for the incorporation of a nonprofit vision service corporation. A majority of the directors of each nonprofit vision service corporation must at all times be optometrists duly licensed to practice under the […]
§ 56-31-104. Articles of Incorporation — Approval by Commissioner
The articles of incorporation of the corporation, or amendments to the articles, shall be submitted to the commissioner and shall be subject to the commissioner’s approval, which shall be endorsed on the articles, before filing with the secretary of state.
§ 56-31-105. Board of Directors
A vision service plan corporation shall consist of a board of directors of such number, grouped in such reasonable classes, as the bylaws of the corporation, as approved by the commissioner, provide.
§ 56-31-106. Restrictions on Right to Establish and Operate Plan
It is unlawful for any person except a vision service plan corporation, incorporated in accordance with this chapter, and operating in accordance with authority from the commissioner, or a nonprofit corporation organized under chapter 27, 28, 29, or 30 of this title, or an insurance company properly qualified in this state to write accident, health […]
§ 56-31-107. Participating Optometrists — Right to Become — Method of Diagnosis and Treatment Unrestricted — Private Optometrist-Patient Relationship — Maintenance
Every optometrist licensed to practice in this state under title 63, chapter 8, has the right to become a participating optometrist in the vision service plan corporation operating in the county in which the optometrist resides or practices. A vision service plan corporation shall impose no restrictions on the optometrists who treat its subscribers as […]
§ 56-31-108. Agreements With Participating Optometrists
A vision service plan corporation may enter into agreements with optometrists qualified as set out in this chapter, under the terms of which the optometrists may become participating optometrists in a plan operated by the corporation, and may make payments to the optometrists that have accrued to them by reason of services performed by them […]
§ 56-31-109. License Required
No corporation subject to this chapter may issue contracts until the commissioner has, by formal license, authorized it to do so.
§ 56-31-110. Application for License — Form — Accompanying Documents — Filing Fee
Applications for licenses shall be made on forms approved by the commissioner, containing information that the commissioner deems necessary. Every application for a license shall be accompanied by copies of the following documents: A certified copy of its charter or certificate of incorporation; A copy of its bylaws certified by the secretary and the president […]
§ 56-31-111. Issuance of License — Prerequisites
The commissioner shall issue a license upon compliance with this chapter, and other proper requirements of the commissioner, and upon being satisfied that: All items required to be filed are in proper form, as required by this chapter, and meet the approval of the commissioner; The applicant is established as a bona fide vision service […]
§ 56-31-112. Investment of Funds
The funds of the vision service corporations subject to this chapter shall be invested only in securities permitted by the laws of this state for the investment of assets of life insurance companies.
§ 56-31-113. Expenses — Limitation
All acquisition and administrative expenses incurred in connection with the vision service corporation shall at all times be limited to a percentage of its total net premiums as set and approved by the commissioner.
§ 56-31-114. Purchase of Liability Insurance Authorized
A vision service plan corporation is authorized to purchase a contract of insurance protecting the corporation or any officer or employee of the corporation or any optometrist from liability for injuries resulting from negligence, misfeasance, malfeasance, nonfeasance or health care liability on the part of any officer or employee of the corporation, or on the […]
§ 56-31-115. Financial and Statistical Records
Every vision service plan corporation shall maintain adequate financial and statistical records in reasonable uniformity with accounting plans and statistical requirements of the annual statement blank required by the commissioner.
§ 56-31-116. Annual Statement — Form — Filing Fee
Every vision service plan corporation shall annually, on or before March 1, file in the office of the department a statement of its operations for the calendar year, showing financial conditions as of December 31, then next preceding, in such form and content as the commissioner prescribes, signed and sworn to by its president and […]
§ 56-31-117. Examination — Rehabilitation or Liquidation
The commissioner has the same authority to examine vision service plan corporations as is granted to the commissioner for the examination of life and accident and health insurance companies, and has the same authority for the correction, rehabilitation or liquidation of vision service plan corporations as is now provided by law for life and health […]
§ 56-31-118. Fees and Taxes
Every vision service plan corporation, or its agents, subject to this chapter, is subject to the fees and taxes as prescribed for life and health and accident insurance companies and agents of the insurance companies doing business in this state. It is not the purpose of this chapter to discriminate in favor of the vision […]
§ 56-31-119. License Renewal — Agent’s Certificate of Authority
All licenses authorizing vision service plan corporations to transact business in this state shall be renewable on April 1 of each year, subject to the approval of the commissioner. The vision service plan corporations licensed to do business in this state under this chapter shall obtain from the commissioner a certificate of authority for every […]
§ 56-31-120. Orders of Commissioner — Publication of Regulations — Subscription Contracts — Rates
After the issuance of a certificate of authority, the commissioner shall be empowered to issue orders or to publish regulations necessary for the proper enforcement of this chapter that the commissioner deems to be in the public interest. The published regulations of the commissioner shall have the effect of statute, and shall include, in particular, […]