Nevada Revised Statutes 683A.0852 – Nonprofit corporation for hospital or medical services authorized to act as administrator of program of health insurance; notice to Commissioner; exemption from licensing and bonding
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1. A nonprofit corporation for hospital or medical services licensed pursuant to chapter 695B of NRS may enter into a contract to act as an administrator of a program of health insurance.
Terms Used In Nevada Revised Statutes 683A.0852
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
2. Before entering into a contract pursuant to subsection 1, the nonprofit corporation must notify the Commissioner in writing and provide the Commissioner with a copy of the contract and a summary of the corporation’s liabilities and costs under the contract.
3. A nonprofit corporation for hospital or medical services that enters into a contract pursuant to this section is exempt from the provisions of this chapter relating to licensing and bonding of administrators, but is subject to all other provisions of this chapter.