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Session Laws, 1963
Volume 671, Page 1159   View pdf image (33K)
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J. MILLARD TAWES, Governor                     1161

(4)   That no contributions to the funds of the corporation for
working capital are repayable by the corporation except out of the
earned premiums over and above operating expenses, payments to
participating hospitals, physicians or dentists and such reserve as
the Commissioner may deem adequate;

(5)   That the amount of money actually received by the applicant
upon the terms specified in paragraph (4) hereof, for working capital
is sufficient to carry all acquisition costs and operating expenses for
a period of at least three months from the date of the issuance of
the certificate of authority, but in no case to be less than ten thou-
sand dollars ($10,000).

(c) Authority to issue contracts.

Any corporation to which such certificate of authority has been
issued, until expiration or revocation thereof, shall be authorized
to issue contracts in the form or forms filed with the Commissioner,
to the persons, who may become subscribers to such plan.

356.    Approval by Commissioner.

No corporation subject to the provisions of this subtitle shall
amend its certificate of incorporation, its bylaws, the terms and pro-
visions of contracts executed or to be executed with hospitals,
physicians or dentists, and the terms and provisions of contracts
issued, or proposed to be issued, to subscribers to the plan until
such proposed amendments have been first submitted to, and ap-
proved by, the Commissioner; nor shall any change be made in
the table of rates charged, or proposed to be charged, to sub-
scribers for any form of contract issued or to be issued for hos-
pital, medical or dental care until such proposed change has been
submitted to, and approved by, the Commissioner. Upon the adop-
tion of any such amendment or change, following its approval by
the Commissioner, such corporation shall file a copy thereof with the
Commissioner, duly certified to by at least two (2) of the executive
officers of such corporation.

357.    Annual Statement.

Every corporation subject to the provisions of this subtitle shall
annually, on or before the first day of March, file in the office of the
Commissioner a statement certified to by an independent certified
public accountant, showing its condition on the thirty-first day of
December then next preceding, which shall be in such form and shall
contain such matters as the Commissioner shall prescribe.

358.    Examination.

The Commissioner, or any examiner or examiners of the Insur-
ance Department, shall have the power of visitation and examination
into the affairs of any such corporation and free access to all of its
books, papers and documents, and may summon and examine under
oath its officers, agents, or employees, or other persons, in relation
to the affairs, transactions and conditions of the corporation. The
corporation whose affairs are examined shall pay the expenses of
examination as provided in section 33 of this article.

359.    Investments.

Every corporation subject to the provisions of this subtitle may


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Session Laws, 1963
Volume 671, Page 1159   View pdf image (33K)
 Jump to  

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