Virginia Code 38.2-4206: Nonstock corporation required.
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Each plan shall be conducted either by or through (i) a nonstock corporation organized pursuant to the laws of this Commonwealth or (ii) a foreign nonstock corporation that is subject to regulation and licensing under the laws of its domiciliary jurisdiction that are substantially similar to those provided by this chapter.
Terms Used In Virginia Code 38.2-4206
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Nonstock corporation: means a foreign or domestic nonstock corporation which is subject to regulation and licensing under this chapter and which offers or administers subscription contracts to contract holders as part of a plan. See Virginia Code 38.2-4201
- plan: means any arrangement for offering or administering health services or similar or related services by a nonstock corporation licensed under this chapter. See Virginia Code 38.2-4201
This section shall not apply to any foreign nonstock corporation already licensed in this Commonwealth as of July 1, 1980.
1980, c. 682, § 38.1-813.2; 1986, c. 562.