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- Alaska Statutes.
- Title 21. Insurance
- Chapter 87. Hospital and Medical Service Corporations
- Section 70. Qualifications For Certificate of Authority.
previous: Section 60
. Name of Corporation.
next: Section 80
. Application For Certificate of Authority.
AS 21.87.070. Qualifications For Certificate of Authority.
The director may not issue or permit to exist a certificate of authority to be or act as a service corporation to a
corporation that does not fulfill the following qualifications:
- (1) it must be incorporated as provided in AS 21.87.050
, as either a medical service corporation, or as a hospital service corporation, or as a combined medical and hospital
- (2) it must intend to and actually conduct its business in good faith as a nonprofit corporation;
- (3) if a hospital service corporation, it must have in force at all times while so authorized, service agreements with
participant hospitals located in the areas of the subscribers' residences, convenient as to location and sufficient as
to capacity and facilities reasonably to furnish the hospital services provided or proposed to be provided by the
corporation to its subscribers;
- (4) if a medical service corporation, it must have in force service agreements with participant providers located in the
areas of the subscribers' residences convenient as to location and sufficient in numbers and facilities reasonably to
furnish the medical and surgical services provided or proposed to be provided by the corporation to its subscribers;
- (5) if a newly formed corporation, it must possess sufficient available working funds to pay all reasonably anticipated
cost of acquisition of new business and operating expenses, other than payment for hospital or medical services, for a
period of not less than the six months following the date of issuance of the certificate of authority, if issued, or
$100,000, whichever amount is greater;
- (6) it must fulfill all other applicable requirements of this chapter.
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