Nevada Revised Statutes 695B.120 – Certificate of authority: Qualifications
The Commissioner shall not issue or renew a certificate of authority to any corporation proposing to establish, maintain or operate a nonprofit hospital, medical or dental service plan until such corporation establishes:
Terms Used In Nevada Revised Statutes 695B.120
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Dental services: means general and special dental services ordinarily provided by dentists licensed under the provisions of chapter 631 of NRS to practice in the State of Nevada in accordance with the generally accepted practices of the community at the time the service is rendered, and the furnishing of necessary appliances, drugs, medicines and supplies, prosthetic appliances, orthodontic appliances, metal, ceramic and other restorations. See Nevada Revised Statutes 695B.030
- Fraud: Intentional deception resulting in injury to another.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
1. If a nonprofit hospital service corporation, that it has entered into contracts with hospitals in the State of Nevada having an aggregate bed capacity sufficient to render the services contemplated to be furnished under the hospital service plan to persons in the State of Nevada.
2. That the hospital, medical or dental service contract proposed to be entered into by such corporation with those who may become subscribers is not such as will work a fraud or injustice upon such subscribers or any person.
3. That a schedule of the rates, dues, fees or other periodic charges to be paid by subscribers has been filed with the Commissioner and the same are not such as will, after providing for such legal reserves as are required by NRS 695B.140, result in profit to, or in the accumulation of excessive reserves or surpluses by, such corporation and are such as will enable such corporation to furnish or provide the hospital, medical or dental services which it proposes to make available to its beneficiaries and subscribers without impairment of its legal reserves and without a constant depletion of the assets of such corporation. A reserve or surplus over and above all approved and required reserves in an amount in excess of the average annual gross income of such corporation for the immediately preceding 3 calendar years shall be prima facie an excessive accumulation.