§ 58-65-55. Issuance and continuation of license. - North Carolina Statutes

§ 58‑65‑55. Issuance and continuation of license.

(a)        Every corporationsubject to this Article shall pay to the Commissioner a fee of two hundredfifty dollars ($250.00) for filing an application for a license. Fee paymentshall be contemporaneous with the filing. Before issuing or continuing any suchlicense or certificate the Commissioner may make such an examination orinvestigation as the Commissioner deems expedient. The Commissioner shall issuea license upon the payment of a fee of one thousand five hundred dollars($1,500) for a single service corporation or two thousand five hundred dollars($2,500) for a full service corporation and upon being satisfied on thefollowing points:

(1)        The applicant isestablished as a bona fide nonprofit hospital service corporation as defined bythis Article and Article 66 of this Chapter.

(2)        The rates chargedand benefits to be provided are fair and reasonable.

(3)        The amounts providedas working capital of the corporation are repayable only out of earned income inexcess of amounts paid and payable for operating expenses and hospital andmedical and/or dental expenses and such reserve as the Department deemsadequate, as provided hereinafter.

(4)        That the amount ofmoney actually available for working capital be sufficient to carry allacquisition costs and operating expenses for a reasonable period of time fromthe date of the issuance of the certificate.

(b)        The license shallcontinue in full force and effect, subject to payment of an annual licensecontinuation fee of one thousand five hundred dollars ($1,500) for a singleservice corporation or two thousand five hundred dollars ($2,500), subject toall other provisions of subsection (a) of this section and subject to any otherapplicable provisions of the insurance laws of this State.  (1941, c. 338, s. 6; 1943,c. 537, s. 4; 1947, c. 820, s. 2; 1961, c. 1149; 1989 (Reg. Sess., 1990), c.1069, s. 5; 1995, c. 507, s. 11A(c); 1999‑435, s. 5; 2003‑212, s.26(j); 2005‑424, s. 1.5; 2009‑451, s. 21.13(b).)