North Carolina General Statutes Chapter 58. Insurance § 58-65-180. Information to be provided by a hospital service corporation

Current as of January 01, 2023 | Updated by Findlaw Staff

(a) A hospital service corporation reorganizing pursuant to this Part shall file the following information with the Commissioner:

(1) A description of the transactions that effectuate the reorganization.

(2) A copy of any proposed amendments to the hospital service corporation's charter.

(3) A copy of the nonprofit holding corporation's articles of incorporation.

(4) If applicable, any information required by G.S. 58-19-30.

(5) A pro forma balance sheet and income statement for the hospital service corporation prepared in accordance with statutory accounting principles, demonstrating the hospital service corporation's financial position at the effective time of the reorganization.

(6) A pro forma balance sheet and income statement for the nonprofit holding corporation prepared in accordance with generally accepted accounting principles, demonstrating the nonprofit holding corporation's financial position at the effective time of the reorganization.

(7) A certification by an executive officer of the hospital service corporation that at the time of the reorganization the subscribers' contracts and certificates issued by the hospital service corporation shall remain in full force and effect.

(8) A certification by an executive officer of the hospital service corporation that at the time of the reorganization the governing board of the nonprofit holding corporation will be comprised solely of individuals on the governing board of the hospital service corporation.

(b) The Commissioner may contract, at the expense of the hospital service corporation, with professional advisors not otherwise a part of the Commissioner's staff to assist the Commissioner in reviewing the materials submitted pursuant to this section. These contracts are personal professional service contracts exempt from Articles 3 and 3C of Chapter 143 of the General Statutes.

(c) Upon completion of a reorganization, the hospital service corporation shall provide a notice of completion of the reorganization to the Commissioner.

(d) Information submitted as part of a reorganization that constitutes trade secrets or personal information, including addresses, shall be confidential by law and privileged, shall not be considered a public record under either G.S. 58-2-100 or Chapter 132 of the General Statutes, shall not be subject to subpoena, and shall not be subject to discovery or admissible in evidence in any private civil action.

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Cite this article: FindLaw.com - North Carolina General Statutes Chapter 58. Insurance § 58-65-180. Information to be provided by a hospital service corporation - last updated January 01, 2023 | https://codes.findlaw.com/nc/chapter-58-insurance/nc-gen-st-sect-58-65-180/

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