Insurance; to allow reorganization of a nonprofit health care service corporation under the control of a nonprofit holding company

Summary

The bill lets a health‑care service corporation create a nonprofit holding corporation that becomes its ultimate controlling entity. The restructuring is treated as an internal change, not an acquisition, and the corporation can move up to 25% of its assets to the new nonprofit. It requires a notice to the Department of Insurance and bars any compensation to insiders for facilitating the move.

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