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Rhode Island General Laws 27-19.2-1. Legislative findings

Current as of: 2023 | Check for updates | Other versions

     

The general assembly finds and declares that it is in the best interests of the residents of Rhode Island:

(1)  To strengthen and reform the governance structure of nonprofit hospital service and/or medical service corporations;

(2)  To ensure a diverse, independent and publicly accountable board of directors;

(3)  To prohibit certain activities which may allow self-interest to compromise undivided loyalty to the public interest mission for which such corporations were established; and

(4)  To require adoption of principles and procedures to keep such corporations aligned with their public interest mission.

History of Section.
P.L. 2004, ch. 330, § 2; P.L. 2004, ch. 567, § 2.

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Rhode Island General Laws 27-19-2.1. Investments and holdings in certain corporations authorized

Current as of: 2023 | Check for updates | Other versions

     

(a)  Each nonprofit hospital service corporation shall have, in addition to all other powers granted under this chapter and the laws of this state, the power to invest in or cause to be organized and established one or more corporations, all or any portion of the issued and outstanding capital stock of which shall be subscribed for or held by the nonprofit hospital service corporation.

Terms Used In Rhode Island General Laws 27-19-2.1

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Nonprofit hospital service corporation: means any corporation organized pursuant to this chapter for the purpose of establishing, maintaining, and operating a nonprofit hospital service plan;

    (18)  "Nonprofit hospital service plan" means a plan by which specified hospital care is to be provided to subscribers to the plan by a contracting hospital;

    (19)  "Office of the health insurance commissioner" means the agency established under § 42-14. See Rhode Island General Laws 27-19-1

(b)  As used in this section, “corporation” means any organization incorporated under the provisions of the law of this or another state for one or more of the following purposes:

(1)  To establish, maintain, and operate hospital service and health insurance plans;

(2)  To develop, establish, purchase, maintain, perform, sell, and lease in connection with carrying out its corporate purpose: (i) data processing and computer software programs, systems, and techniques; (ii) data processing, bookkeeping, statistical, or software services; or (iii) other administrative and related services; or

(3)  To exercise the powers set forth in § 27-19-5 or to carry out and fulfill any of the purposes of a hospital service corporation incorporated under this chapter.

(c)  Any limitation on investments or holdings contained in § 27-19-11 or § 27-19-5.3 or any other law shall not apply with respect to investments or holdings under this section; provided, that the value of any investment shall not exceed twenty percent (20%) of the assets of the hospital service corporation.

History of Section.
P.L. 1982, ch. 165, § 1; P.L. 2006, ch. 182, § 1; P.L. 2006, ch. 600, § 1.

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