Ch. 698                            MARVIN MANDEL, Governor                                 1471

(2)  Bylaws, with all amendments thereto;

(3)   Each contract executed or proposed to be executed by and between the
corporation and any hospital, physician, chiropodist, CHIROPRACTOR,
pharmacist, dentist, or optometrist, embodying the terms under which hospital,
medical, chirpodial, CHIROPRACTIC, pharmaceutical, dental, or optometric
service is to be furnished to subscribers to the plan;

(4)  Each form of contract issued or proposed to be issued to subscribers to the
plan, together with a table of the rates charged, or proposed to be charged, to
subscribers for each form of such contract;

(5)  Financial statement of the corporation, which shall include the amount of
each contribution paid or agreed to be paid to the corporation for working capital,
the name or names of each contributor and the terms of each contribution.

(b) The Insurance Commissioner shall issue a certificate of authority or license
to each applicant upon the payment of the fees provided for by § 41 of this article
and upon being satisfied:

(1)   That the applicant has been organized bona fide for the purpose of
establishing, maintaining and operating a nonprofit health service plan;

(2)  That each contract executed, or proposed to be executed, by the applicant
and any hospital, physician, chiropodist, CHIROPRACTOR, pharmacist, dentist
or optometrist, for the furnishing of hospital, medical, chiropodial,
CHIROPRACTIC, pharmaceutical, dental or optometric service to the subscribers
to the health service plan, obligates, or will when executed, obligate each hospital,
physician, chiropodist, CHIROPRACTOR, pharmacist, dentist or optometrist
party thereto to render the service to which each subscriber may be entitled under
the terms and conditions of the various contracts issued, or proposed to be issued,
by the applicant to subscribers to the plan, and that each subscriber shall be
entitled to reimbursement for any such chiropodial. CHIROPRACTIC, or
optometric service, whether the said service is performed by a doctor of medicine,
duly licensed chiropodist, CHIROPRACTOR, or duly licensed optometrist.

(3)  That each contract issued, or proposed to be issued, to subscribers to the
plan is in a form approved by the Insurance Commissioner, and that the rates
charged, or proposed to be charged, for each form of such contract are fair and
reasonable;

(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, chiropodists,
CHIROPRACTORS, pharmacists, dentists, or optometrists and such reserve as
the Insurance Commissioner may deem adequate;

(5)  That the amount of money actually received by the applicant upon the term
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 or license, but in no case to
be less than ten thousand dollars ($10,000), provided, however, that any
corporation seeking an initial certificate of authority under this subtitle after July
1, 1969, shall have working capital of at least $100,000.

(6)  That the corporation shall maintain a minimum reserve equal to at least 3%
of the subscription charges earned during the prior calendar year as shown on the
annual statement filed in the office of the Commissioner. Any corporation now
operating under this section shall have until December 31, 1973, to comply with