Ch. 356                                    2003 LAWS OF MARYLAND

regulating entity is effective; ratifying a certain determination by the Insurance
Commissioner; providing for the termination of certain board members and for
replacement of these members; specifying that the terms of certain board
members are subject to certain provisions of law; requiring the terms of certain
board members to terminate no later than a certain date; requiring a board of a
certain corporation to develop a plan for staggered board membership; declaring
the intent of the General Assembly that certain board members be subject to the
provisions of this Act; providing that certain provisions of this Act apply to
certain compensation agreements made by certain officers, directors, trustees;
of employees of a certain corporation; prohibiting a person from filing an
application to acquire a certain nonprofit health service plan, and prohibiting a
certain nonprofit health service plan from being acquired, for a certain period of
time; prohibiting the Insurance Commissioner from approving an application for
acquisition of a certain nonprofit health service plan; requiring the Insurance
Commissioner to monitor a nonprofit health service plan's compliance with this
Act and to issue a certain report annually; defining a certain term; altering a
certain definition; making this Act an emergency measure; altering certain
provisions of law relating to the regulation of nonprofit health service plans;
specifying the purpose of certain provisions of law; providing that certain
nonprofit health service plans are exempt from certain taxes; establishing the
mission of certain nonprofit health service plans; requiring a certain nonprofit
health service plan to develop certain goals, objectives, and strategies; requiring a
nonprofit health service plan to report quarterly to a certain oversight committee
and provide certain information to the oversight committee for a certain purpose;
requiring the Insurance Commissioner to submit a certain report to the Governor
and certain committees of the General Assembly on or before a certain date and
annually thereafter; establishing the scope of certain provisions of law governing
nonprofit health service plans; exempting certain nonprofit health service plans
from certain requirements; specifying the manner in which certain nonprofit
health service plans can satisfy certain requirements; requiring certain nonprofit
health service plans to perform certain functions; requiring the Insurance
Commissioner to deny inspection of a certain part of a certain report under
certain circumstances; repealing a requirement that the Insurance Commissioner
follow certain procedures after making a certain determination; requiring the
Insurance Commissioner to issue an order to require that a nonprofit health
service plan pay a certain premium tax for a certain period of time under certain
circumstances; requiring the Maryland Insurance Administration to deposit the
premium tax revenue in a certain fund; specifying information that certain
applicants for a certificate of authority must submit; specifying certain criteria
that the Insurance Commissioner must consider when issuing a certain
certificate of authority; authorizing the Insurance Commissioner to disapprove
renewal of a certain certificate of authority under certain circumstances;
providing that a certain certificate of authority authorizes a certain corporation
to engage in certain activities; specifying that certain members of a certain board
of directors are fiduciaries on behalf of a certain corporation; specifying the
manner in which certain board members must act; specifying the principal
functions of a certain board; establishing the composition of a certain board;
providing that a certain board is self-perpetuating; requiring a certain board to

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