§432C-1  Definitions.  As used in this
chapter:



"Commissioner" means the insurance
commissioner.



"Conversion" means the transfer or
sale of a significant amount of a nonprofit entity's assets to a for-profit
entity or through any other means as determined by the commissioner.  The
department of commerce and consumer affairs' business registration division
shall assist the commissioner in determining whether a conversion is about to
occur or has occurred.  As used in this definition, "significant"
means twenty per cent or more of the assets of the nonprofit entity or an
amount where the for-profit entity gains control or majority ownership of total
assets of the nonprofit entity.



"For-profit entity" means a
corporation organized under chapter 414, including a stock insurance company.



"Nonprofit entity" means any
charitable organization operating pursuant to Title 26 United States Code
section 501(c)(3), (4), (8), (9), (26), or 501(e), and whose primary purpose is
to provide accident and health or sickness insurance coverage or any type of
accident and health or sickness insurance benefits to its members or the
public. [L 1998, c 260, pt of §2; am L 2002, c 40, §74; am L 2003, c
212, §124]