SEC. 83-41-111. Issuance of license.

The commissioner shall issue a certificate of authority or license upon payment of a fee of ten dollars and upon being satisfied as to the following points: (a) that the applicant is established as a bona fide nonprofit hospital and/or medical and/or surgical service corporation; (b) that the contracts between the applicant and the participating hospitals obligate each hospital party, for the considerations stipulated, to render service to which each subscriber may be entitled under the terms and conditions of the contract issued to the subscribers; (c) that the rates charged and benefits to be provided are fair and reasonable; (d) that the amounts provided as working capital of the corporation are repayable only out of earned income over and above operating expenses and such reserves as the commissioner deems adequate; (e) that the amount of money actually available for working capital be sufficient to carry all acquisition costs and operating expenses for a reasonable period of time from the date of the issuance of the certificate; (f) that contracts between hospitals and service organizations are adequate; and (g) that the foregoing requirement with respect to accumulating a contingency or epidemic reserve will be carried out.

SOURCES: Codes, 1942, Sec. 5615-06; Laws, 1948, ch. 349, Sec. 6.

1997 Amendment

SECTION 2. Sections 83-41-101, 83-41-103, 83-41-105, 83-41-107, 83-41-109, 83-41-111, 83-41-113, 83-41-115, 83-41-117, 83-41-119, 83-41-121, 83-41-123, 83-41-125, 83-41-127, 83-41-129 and 83-41-131, Mississippi Code of 1972, which provide for the organization and regulation of nonprofit hospital, medical and surgical service corporations by the Commissioner of Insurance, are repealed.

SOURCE: 1997 Laws, Chapter 307, Sec. 2, SB2066, Effective July 1, 1997.