38.2-4517 - Licensing of nonstock corporation. - Virginia Statutes

§ 38.2-4517. Licensing of nonstock corporation.

A. No person shall operate a dental or optometric services plan in thisCommonwealth without a license issued by the Commission. Each nonstockcorporation shall apply for a license and furnish any relevant informationthe Commission requires. Each license shall expire at midnight on thefollowing June 30. Application for a license shall be accompanied by anonrefundable application fee of $500.

B. The Commission shall not issue to or renew a license of a nonstockcorporation unless it is satisfied that the financial condition, the methodof operation, and the manner of doing business of the nonstock corporationenable it to meet its contractual obligations to all subscribers and that thenonstock corporation has otherwise complied with all the requirements of law.

(1980, c. 682, § 38.1-906; 1986, c. 562; 1987, cc. 565, 655; 1994, c. 503.)