§ 514.23

514.23 Mutualization plan. 1. A corporation organized under chapter 504, Code 1989, or current chapter 504, and governed by this chapter, may become a mutual insurer under a plan which is approved bythe commissioner of insurance. The plan shall state whether the insurer will be organized asa for-profit corporation pursuant to chapter 490 or 491 or a nonprofit corporation pursuantto chapter 504. Upon consummation of the plan, the corporation shall fully comply withthe requirements of the law that apply to a mutual insurance company. If the insurer isto be organized under chapter 504, then at least seventy-five percent of the initial board ofdirectors of the mutual insurer so formed shall be policyholders who are also nonprovidersof health care. All directors comprising this initial board of directors shall be selected by anindependent committee appointed by the state commissioner of insurance. This independentcommittee shall consist of seven to eleven persons who are current policyholders, who arenonproviders of health care, and who are not directors of a corporation subject to this chapter.For purposes of this subsection, a 'nonprovider of health care' is an individual who is not

ers, who arenonproviders of health care, and who are not directors of a corporation subject to this chapter.For purposes of this subsection, a 'nonprovider of health care' is an individual who is not anyof the following: a. A 'provider' as defined in section 514B.1, subsection 7.b. A person who has material financial or fiduciary interest in the delivery of health care services or a related industry. c. An employee of an institution which provides health care services.d. A spouse or a member of the immediate family of a person described in paragraphs 'a' through 'c'. 2. A corporation organized under chapter 504, Code 1989, or current chapter 504, and governed by this chapter, which becomes a mutual insurer under this section shall continue asa mutual insurer to be governed by the provisions of section 514.7 and shall also be governedby section 509.3, subsection 1, paragraph 'f'. 85 Acts, ch 239, §4; 86 Acts, ch 1180, §6; 90 Acts, ch 1205, §36; 2004 Acts, ch 1049, §191; 2004 Acts, ch 1175, §393; 2017 Acts, ch 29, §151, 152 Referred to in §504.1108, 514E.1 Sat Dec 23 00:44:24 2023 Iowa Code 2024, Section 514.23 (16, 0)