A. Each plan shall be conducted either by or through (i) a nonstockcorporation organized pursuant to the laws of this Commonwealth or (ii) aforeign nonstock corporation that is subject to regulation and licensingunder the laws of its domiciliary jurisdiction that are substantially similarto those provided by this chapter.
B. Notwithstanding the provisions of §§ 38.2-4502 and 38.2-4503, a nonstockcorporation may offer or administer a plan without being required to act asagent for participating dentists or optometrists.
C. A nonstock corporation applying for its initial license pursuant to thischapter to offer or administer a plan may elect in its application to act asa nonagent, in which case the provisions of this section shall apply to suchnonagent.
D. A nonstock corporation operating a plan pursuant to § 38.2-4502 or §38.2-4503 may petition the Commission to change its status from an agentnonstock corporation to a nonagent nonstock corporation by making applicationto the Commission no less than ninety days preceding the proposed date of thechange. The nonstock corporation shall give notice of the petition to itscontract holders and participating dentists or optometrists. The Commissionshall not approve the change of status unless it is satisfied that thefinancial condition of the nonstock corporation and the proposed method ofoperation and manner of doing business enable the nonstock corporation tomeet its contractual obligations to all subscribers and that the nonstockcorporation has otherwise complied with the requirements of this chapter. TheCommission shall consider, among other things, the sufficiency of thecontingency reserve required under subsection E of this section and, inaddition, may elect to subject the nonstock corporation, notwithstanding theprovisions of § 38.2-1700, to the requirements of Chapter 17 (§ 38.2-1700 etseq.) of this title. If the Commission fails to approve the change of status,it shall state the reason in its order. A change in status shall only beeffective as to subscription contracts issued or renewed on and after thedate of a change in status.
E. No nonstock corporation shall offer or administer a plan without acting asan agent for participating dentists or optometrists unless it maintains atall times a contingency reserve in an amount at least equal to forty-fivedays of anticipated operating expenses and incurred claims expenses generatedfor subscription contracts issued by the nonstock corporation. Thecontingency reserve shall be computed as the Commission requires.
F. The provisions of §§ 38.2-4505, 38.2-4507, 38.2-4508, and 38.2-4512 shallnot apply to a nonstock corporation that does not act as agent forparticipating dentists or optometrists.
(1980, c. 682, § 38.1-895; 1986, c. 562; 2000, cc. 171, 204.)
A. Each plan shall be conducted either by or through (i) a nonstockcorporation organized pursuant to the laws of this Commonwealth or (ii) aforeign nonstock corporation that is subject to regulation and licensingunder the laws of its domiciliary jurisdiction that are substantially similarto those provided by this chapter.
B. Notwithstanding the provisions of §§ 38.2-4502 and 38.2-4503, a nonstockcorporation may offer or administer a plan without being required to act asagent for participating dentists or optometrists.
C. A nonstock corporation applying for its initial license pursuant to thischapter to offer or administer a plan may elect in its application to act asa nonagent, in which case the provisions of this section shall apply to suchnonagent.
D. A nonstock corporation operating a plan pursuant to § 38.2-4502 or §38.2-4503 may petition the Commission to change its status from an agentnonstock corporation to a nonagent nonstock corporation by making applicationto the Commission no less than ninety days preceding the proposed date of thechange. The nonstock corporation shall give notice of the petition to itscontract holders and participating dentists or optometrists. The Commissionshall not approve the change of status unless it is satisfied that thefinancial condition of the nonstock corporation and the proposed method ofoperation and manner of doing business enable the nonstock corporation tomeet its contractual obligations to all subscribers and that the nonstockcorporation has otherwise complied with the requirements of this chapter. TheCommission shall consider, among other things, the sufficiency of thecontingency reserve required under subsection E of this section and, inaddition, may elect to subject the nonstock corporation, notwithstanding theprovisions of § 38.2-1700, to the requirements of Chapter 17 (§ 38.2-1700 etseq.) of this title. If the Commission fails to approve the change of status,it shall state the reason in its order. A change in status shall only beeffective as to subscription contracts issued or renewed on and after thedate of a change in status.
E. No nonstock corporation shall offer or administer a plan without acting asan agent for participating dentists or optometrists unless it maintains atall times a contingency reserve in an amount at least equal to forty-fivedays of anticipated operating expenses and incurred claims expenses generatedfor subscription contracts issued by the nonstock corporation. Thecontingency reserve shall be computed as the Commission requires.
F. The provisions of §§ 38.2-4505, 38.2-4507, 38.2-4508, and 38.2-4512 shallnot apply to a nonstock corporation that does not act as agent forparticipating dentists or optometrists.
(1980, c. 682, § 38.1-895; 1986, c. 562; 2000, cc. 171, 204.)
A. Each plan shall be conducted either by or through (i) a nonstockcorporation organized pursuant to the laws of this Commonwealth or (ii) aforeign nonstock corporation that is subject to regulation and licensingunder the laws of its domiciliary jurisdiction that are substantially similarto those provided by this chapter.
B. Notwithstanding the provisions of §§ 38.2-4502 and 38.2-4503, a nonstockcorporation may offer or administer a plan without being required to act asagent for participating dentists or optometrists.
C. A nonstock corporation applying for its initial license pursuant to thischapter to offer or administer a plan may elect in its application to act asa nonagent, in which case the provisions of this section shall apply to suchnonagent.
D. A nonstock corporation operating a plan pursuant to § 38.2-4502 or §38.2-4503 may petition the Commission to change its status from an agentnonstock corporation to a nonagent nonstock corporation by making applicationto the Commission no less than ninety days preceding the proposed date of thechange. The nonstock corporation shall give notice of the petition to itscontract holders and participating dentists or optometrists. The Commissionshall not approve the change of status unless it is satisfied that thefinancial condition of the nonstock corporation and the proposed method ofoperation and manner of doing business enable the nonstock corporation tomeet its contractual obligations to all subscribers and that the nonstockcorporation has otherwise complied with the requirements of this chapter. TheCommission shall consider, among other things, the sufficiency of thecontingency reserve required under subsection E of this section and, inaddition, may elect to subject the nonstock corporation, notwithstanding theprovisions of § 38.2-1700, to the requirements of Chapter 17 (§ 38.2-1700 etseq.) of this title. If the Commission fails to approve the change of status,it shall state the reason in its order. A change in status shall only beeffective as to subscription contracts issued or renewed on and after thedate of a change in status.
E. No nonstock corporation shall offer or administer a plan without acting asan agent for participating dentists or optometrists unless it maintains atall times a contingency reserve in an amount at least equal to forty-fivedays of anticipated operating expenses and incurred claims expenses generatedfor subscription contracts issued by the nonstock corporation. Thecontingency reserve shall be computed as the Commission requires.
F. The provisions of §§ 38.2-4505, 38.2-4507, 38.2-4508, and 38.2-4512 shallnot apply to a nonstock corporation that does not act as agent forparticipating dentists or optometrists.
(1980, c. 682, § 38.1-895; 1986, c. 562; 2000, cc. 171, 204.)
