§ 38.2-4208. Nonstock corporation not required to act as agent.
A. A nonstock corporation may offer or administer a plan without beingrequired to act as an agent for providers of health care services.
B. A nonstock corporation applying for its initial license pursuant to thischapter in order to offer or administer a plan must elect in its applicationwhether to act (i) as agent for providers of health care services, in whichcase §§ 38.2-4210 and 38.2-4211 shall apply, or (ii) as a nonagent, in whichcase the provisions of subsection D of this section shall apply.
C. A nonstock corporation operating a plan pursuant to §§ 38.2-4202,38.2-4203, 38.2-4204 or this section prior to June 30, 1985, and anysuccessor nonstock corporation shall continue to operate as either an agentor nonagent nonstock corporation, in accordance with the manner in which itwas operating as of that date, provided that it may petition the Commissionto change its status as an agent or nonagent nonstock corporation, and if itdoes so, it shall give notice of the petition to all interested parties. TheCommission shall conduct a hearing on the petition if requested by anyinterested party. A nonstock corporation seeking to change its status shallmake application to the Commission within ninety days following the end ofany calendar year. A change in status shall only be effective as tosubscriber contracts issued or renewed on and after the date of a change instatus. The Commission shall enter an order in response to the nonstockcorporation's petition.
D. If any nonstock corporation offers or administers a plan without acting asan agent for providers of health care services, the Commission may elect to(i) require the nonstock corporation to maintain its contingency reservesabove a minimum level set by the Commission, or (ii) subject the nonstockcorporation, notwithstanding the provisions of § 38.2-1700, to therequirements of Chapter 17 of this title, or (iii) both. The minimum levelfor contingency reserves shall not exceed forty-five days of the anticipatedoperating expenses and incurred claims expense generated from subscriptioncontracts issued by the nonstock corporation, and shall be computed as theCommission requires.
(Code 1950, § 32-195.5:1; 1972, c. 429, § 38.1-816; 1974, c. 54; 1979, c.721; 1980, c. 682; 1982, c. 129; 1983, c. 464, § 38.1-813.4; 1985, c. 233;1986, c. 562; 1988, c. 185.)
§ 38.2-4208. Nonstock corporation not required to act as agent.
A. A nonstock corporation may offer or administer a plan without beingrequired to act as an agent for providers of health care services.
B. A nonstock corporation applying for its initial license pursuant to thischapter in order to offer or administer a plan must elect in its applicationwhether to act (i) as agent for providers of health care services, in whichcase §§ 38.2-4210 and 38.2-4211 shall apply, or (ii) as a nonagent, in whichcase the provisions of subsection D of this section shall apply.
C. A nonstock corporation operating a plan pursuant to §§ 38.2-4202,38.2-4203, 38.2-4204 or this section prior to June 30, 1985, and anysuccessor nonstock corporation shall continue to operate as either an agentor nonagent nonstock corporation, in accordance with the manner in which itwas operating as of that date, provided that it may petition the Commissionto change its status as an agent or nonagent nonstock corporation, and if itdoes so, it shall give notice of the petition to all interested parties. TheCommission shall conduct a hearing on the petition if requested by anyinterested party. A nonstock corporation seeking to change its status shallmake application to the Commission within ninety days following the end ofany calendar year. A change in status shall only be effective as tosubscriber contracts issued or renewed on and after the date of a change instatus. The Commission shall enter an order in response to the nonstockcorporation's petition.
D. If any nonstock corporation offers or administers a plan without acting asan agent for providers of health care services, the Commission may elect to(i) require the nonstock corporation to maintain its contingency reservesabove a minimum level set by the Commission, or (ii) subject the nonstockcorporation, notwithstanding the provisions of § 38.2-1700, to therequirements of Chapter 17 of this title, or (iii) both. The minimum levelfor contingency reserves shall not exceed forty-five days of the anticipatedoperating expenses and incurred claims expense generated from subscriptioncontracts issued by the nonstock corporation, and shall be computed as theCommission requires.
(Code 1950, § 32-195.5:1; 1972, c. 429, § 38.1-816; 1974, c. 54; 1979, c.721; 1980, c. 682; 1982, c. 129; 1983, c. 464, § 38.1-813.4; 1985, c. 233;1986, c. 562; 1988, c. 185.)
§ 38.2-4208. Nonstock corporation not required to act as agent.
A. A nonstock corporation may offer or administer a plan without beingrequired to act as an agent for providers of health care services.
B. A nonstock corporation applying for its initial license pursuant to thischapter in order to offer or administer a plan must elect in its applicationwhether to act (i) as agent for providers of health care services, in whichcase §§ 38.2-4210 and 38.2-4211 shall apply, or (ii) as a nonagent, in whichcase the provisions of subsection D of this section shall apply.
C. A nonstock corporation operating a plan pursuant to §§ 38.2-4202,38.2-4203, 38.2-4204 or this section prior to June 30, 1985, and anysuccessor nonstock corporation shall continue to operate as either an agentor nonagent nonstock corporation, in accordance with the manner in which itwas operating as of that date, provided that it may petition the Commissionto change its status as an agent or nonagent nonstock corporation, and if itdoes so, it shall give notice of the petition to all interested parties. TheCommission shall conduct a hearing on the petition if requested by anyinterested party. A nonstock corporation seeking to change its status shallmake application to the Commission within ninety days following the end ofany calendar year. A change in status shall only be effective as tosubscriber contracts issued or renewed on and after the date of a change instatus. The Commission shall enter an order in response to the nonstockcorporation's petition.
D. If any nonstock corporation offers or administers a plan without acting asan agent for providers of health care services, the Commission may elect to(i) require the nonstock corporation to maintain its contingency reservesabove a minimum level set by the Commission, or (ii) subject the nonstockcorporation, notwithstanding the provisions of § 38.2-1700, to therequirements of Chapter 17 of this title, or (iii) both. The minimum levelfor contingency reserves shall not exceed forty-five days of the anticipatedoperating expenses and incurred claims expense generated from subscriptioncontracts issued by the nonstock corporation, and shall be computed as theCommission requires.
(Code 1950, § 32-195.5:1; 1972, c. 429, § 38.1-816; 1974, c. 54; 1979, c.721; 1980, c. 682; 1982, c. 129; 1983, c. 464, § 38.1-813.4; 1985, c. 233;1986, c. 562; 1988, c. 185.)
