§ 4511. Purposes and definition A corporation may be organized for the purpose of establishing, maintaining, and operating a nonprofit hospital service plan through which hospital care may be provided by a hospital maintained by a corporation organized for hospital purposes to members of the public who become subscribers to the plan under a contract […]
§ 4512. Powers (a) Such hospital service corporation shall be a nonprofit sharing corporation without capital stock. It shall be maintained and operated solely for the benefit of the subscribers thereof and shall not be authorized to pay money in lieu of hospital service. A person, partnership, association, or corporation shall not contract to furnish […]
§ 4513. Permit to engage in business; foreign corporations (a) At least three-fourths of the board of directors of a corporation organized under this chapter shall be composed of subscribers and members of the public. The remainder may be providers. The subscriber members of the board shall comprise at least a majority of the board. […]
§ 4514. Required contract provisions A contract entered into by a hospital service corporation shall be in writing, one copy of which shall be furnished to the subscriber, and shall contain the following provisions: (1) A statement of the amount payable to the corporation by the subscriber and the times at which and manner in […]
§ 4514a. Part-time employees A nonprofit hospital service corporation shall not exclude part-time employees and shall offer the same insurance benefits to part-time employees as it offers to the employee groups of which the part-time employees would be members if they were full-time employees. The insurer shall offer to include the part-time employees as part […]
§ 4515. Form of contract In every such contract made, issued, or delivered in this State: (1) all printed portions shall be plainly printed in type of which the face is not smaller than ten point; (2) there shall be a brief description of the contract on its first page and on its filing back […]
§ 4515a. Form and rate filing; filing fees Every contract or certificate form, or amendment thereof, including the rates proposed to be charged by the corporation, shall be filed with the Commissioner or the Green Mountain Care Board established in 18 V.S.A. chapter 220, as appropriate, for the Commissioner’s or the Board’s approval prior to […]
§ 4516. Annual report to Commissioner Annually, on or before March 1, a hospital service corporation shall file with the Commissioner of Financial Regulation a statement sworn to by the president and treasurer of the corporation showing its condition on December 31. The statement shall be in such form and contain such matters as the […]
§ 4517. Investments Funds of a hospital service corporation may be invested in any prudent investment as permitted for an insurance company formed under chapter 101 of this title. The corporation shall file and obtain the Commissioner’s prior approval of its investment guidelines. Any amendments to the investment guidelines must be approved by the Commissioner […]
§ 4518. Tax exemption A hospital service corporation shall be exempt from all forms of taxation except the health care claims tax assessed pursuant to 32 V.S.A. § 10402. (Amended 2003, No. 70 (Adj. Sess.), § 3, eff. March 1, 2004; 2019, No. 6, § 67, eff. April 22, 2019.)
§ 4519. Application of chapter (a) Hospital service corporations or associations formed prior to April 7, 1939 may continue their existence and may fulfill their contracts and enter into new contracts as now written, including provisions in their contracts for medical, surgical, and nursing as well as hospital services, provided that such contracts written after […]
§ 4520. Reciprocal provisions A corporation organized under the laws of another state or country which, except as to state of organization, is a hospital service corporation as defined by section 4511 of this title, and which the Commissioner finds has fully complied with the laws of such other state or country, shall be entitled […]
§ 4521. Effect on liability under workers’ compensation law The provisions of this chapter or any contract for hospital service shall in no way affect the liability of an employer under the provisions of the workers’ compensation law. (Amended 1981, No. 165 (Adj. Sess.), § 1.)
§ 4522. Exempt organizations Fraternal benefit societies and life or accident insurance companies are not affected by this chapter.
§ 4523. Change in control; material transactions; redomestication; establishment or acquisition of control of insurance company subsidiary (a)(1) No corporation permitted to engage in business under this chapter shall merge or consolidate with; sell, transfer, or exchange more than a 10 percent interest in the corporation or its assets to; sell, transfer, or exchange more […]
