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

What it does: This act adds Section 10A-20-6.17 to the Code of Alabama 1975, to: (1) provide for the reorganization of a health care service corporation to have a nonprofit holding corporation as the controlling entity; (2) provide for the reorganization, including incorporation, of a nonprofit holding corporation and a transfer of no more than 25 percent of the health care service corporation’s admitted assets to a holding corporation; (3) require a health care service corporation to submit a notice of completing the reorganization to the Department of Insurance; (4) define the legal status of nonprofit… (official summary)

Question before the chamber: Third Reading in Second House

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