The TPA must:

1. (1) Have adequate personnel on staff to handle the volume and type of work. The TPA may subcontract for services not provided by the TPA, but requested from the self-insurer;
2. (2) Be financially solvent, and must report its financial statements on an annual basis to the Commission in an approved form and manner;
3. (3) Maintain an adequate Errors and Omissions policy;
4. (4) Maintain an adequate Fidelity Bond;
5. (5) Establish claims reserves at the most likely outcome. Best case reserving is not allowed.
6. (6) Retain its independence when setting claim reserves. The TPA shall not let the self-insurer influence the amount of the reserve or the closing of a claim;
7. (7) Maintain an Oklahoma office, if handling a group self-insurance association program; and
8. (8) Maintain adequate computerized records and paper claims files on each claim. A copy of this information must be made available for the Commission's review at all times upon request.

Added at 31 Ok Reg 497, eff 2-4-14 (emergency)

Added at 32 Ok Reg 1493, eff 8-27-15

Amended at 34 Ok Reg 2221, eff 9-11-17