§432C-1  Definitions.  As used in thischapter:

"Commissioner" means the insurancecommissioner.

"Conversion" means the transfer orsale of a significant amount of a nonprofit entity's assets to a for-profitentity or through any other means as determined by the commissioner.  Thedepartment of commerce and consumer affairs' business registration divisionshall assist the commissioner in determining whether a conversion is about tooccur or has occurred.  As used in this definition, "significant"means twenty per cent or more of the assets of the nonprofit entity or anamount where the for-profit entity gains control or majority ownership of totalassets of the nonprofit entity.

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

"Nonprofit entity" means anycharitable organization operating pursuant to Title 26 United States Codesection 501(c)(3), (4), (8), (9), (26), or 501(e), and whose primary purpose isto provide accident and health or sickness insurance coverage or any type ofaccident and health or sickness insurance benefits to its members or thepublic. [L 1998, c 260, pt of §2; am L 2002, c 40, §74; am L 2003, c212, §124]