§ 23-75-120. Tax exemptions
(a) Every corporation doing business pursuant to this chapter is declared to be a nonprofit and benevolent institution. (b) The corporations are exempt from state, county, district, municipal, and school tax, including the taxes prescribed by this code, and excepting only tax on net direct written premiums under § 23-75-119 and § 26-57-601 et seq. […]
§ 23-75-121. Power to make donations for the public welfare
Hospital and medical service corporations shall have power to make donations for the public welfare or for charitable, scientific, or educational purposes, subject to such limitations, if any, as may be contained in its articles of incorporation or any amendment thereto.
§ 23-75-122. Conversion to legal reserve mutual life insurer
(a) A hospital and medical service corporation, as defined in § 23-75-101, may be converted to a legal reserve mutual life insurer, as defined in § 23-69-102, under a plan or procedure which shall be approved by the order of the Insurance Commissioner. (b) The commissioner shall approve any such plan or procedure if he […]
§ 23-75-110. Contracting authority — Filing of contract
(a) A corporation holding a certificate of authority under this chapter may enter into contracts with: (1) Licensed hospitals; (2) Physicians and surgeons licensed to practice in this state; (3) Licensed nursing homes; (4) Visiting nurse associations; and (5) Any hospital maintained and operated by the state or any political subdivision thereof or operated by […]
§ 23-75-111. Subscription contracts
(a) (1) All rates charged by the corporation to subscribers or classes of subscribers having contracts covered by §§ 23-85-101 — 23-85-131, and the form and content of all contracts between the corporation and its subscribers, classes of subscribers, or groups of subscribers, and the certificates issued by the corporation representing their subscribers’ agreements shall […]
§ 23-75-112. Directors
The directors of a corporation shall at all times include representatives of: (1) Administrators or trustees of hospitals which have contracted with the corporation to render hospital service to subscribers, if the corporation is a hospital service corporation or a hospital and medical service corporation; (2) Physicians and surgeons licensed to practice in this state […]
§ 23-75-113. Expenses and investments
(a) The operating and administrative expenses of any corporation, including, but not limited to, all costs in connection with the solicitation of subscribers to such a corporation and capital expenditures, shall not exceed: (1) Thirty percent (30%) of paid subscriptions during the first year of operation; (2) Twenty-five percent (25%) of paid subscriptions during the […]
§ 23-75-114. Annual report — Examination
(a) (1) Not later than March 1 of each year, every corporation shall file with the Insurance Commissioner a statement sworn to by at least two (2) of its principal officers, showing its condition on the last day of the next preceding calendar year. (2) In accordance with the specifications applicable to annual financial reports, […]
§ 23-75-115. Use of surplus
Any surplus in excess of all reserves established by the directors of the corporation and shown in the annual report of a corporation may be used by the corporation for the following purposes in the order of priority shown: (1) To liquidate on a pro rata basis any losses incurred by hospitals, physicians, and surgeons, […]
§ 23-75-116. Nonliability
No liability shall attach to any corporation holding a certificate of authority under this chapter by reason of the failure on the part of any hospital or physician to render service to any of its subscribers, nor for the negligence, malpractice, or other acts of hospitals or physicians.