17:48E-46.2. Definitions relative to the reorganization of a health service corporation
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2. As used in P.L.2020, c.145 (C.17:48E-46.1 et al.):
"Assessment" means an initial and a limited duration assessment made upon the mutual holding company system pursuant to section 13 of P.L.2020, c.145 (C.17:48E-46.13).
"Commissioner" means the Commissioner of Banking and Insurance.
"Control" has the meaning set forth in section 1 of P.L.1970, c.22 (C.17:27A-1).
"Effective time" means the date and time at which the reorganization into a mutual holding company is effective, as provided in subsection d. of section 5 of P.L.2020, c.145 (C.17:48E-46.5).
"Health service corporation" means an entity organized pursuant to P.L.1985, c.236 (C.17:48E-1 et seq.).
"Insurance company" means any entity, other than the reorganized insurer, that engages in the business of insurance.
"Intermediate holding company" means an entity of which at least a majority of the voting shares of the capital stock are at all times owned directly or indirectly through other intermediate holding companies by a mutual holding company.
"Majority of the voting shares of the capital stock" means, with respect to any entity, shares of the capital stock of that entity which carry the right to cast a majority of the votes entitled to be cast by all of the outstanding shares of the capital stock of that entity for the election of directors.
"Member" means the holder of a membership interest in a mutual holding company, pursuant to the articles of incorporation or bylaws of that mutual holding company.
"Mutual holding company" means a non-insurance, nonprofit entity without permanent capital stock organized pursuant to the laws of this State in accordance with the provisions of P.L.2020, c.145 (C.17:48E-46.1 et al.) for the purpose of holding, directly or indirectly, one hundred percent interest in a reorganized insurer pursuant to a plan of reorganization as provided in P.L.2020, c.145 (C.17:48E-46.1 et al.). A mutual holding company is an insurance holding company system pursuant to P.L.1970, c.22 (C.17:27A-1 et seq.), and shall not be qualified as an insurer licensed to issue insurance policies, insurance contracts or health benefit plans.
"Mutual holding company system" means the structure resulting from the simultaneous formation of a mutual holding company with a reorganized insurer in connection with the mutualization and reorganization of a health service corporation.
"Mutual insurer" means a domestic mutual insurer into which a health service corporation transitions in accordance with the provisions of P.L.1995, c.196 (C.17:48E-45 et seq.).
"Non-insurance subsidiary" means any subsidiary of a mutual holding company system that is not an insurance company or the reorganized insurer.
"Reorganization" means the simultaneous mutualization of a health service corporation to a domestic mutual insurer and transformation from a domestic mutual insurer to a mutual holding company with a reorganized insurer in accordance with the provisions of P.L.2020, c.145 (C.17:48E-46.1 et al.). A reorganization pursuant to P.L.2020, c.145 (C.17:48E-46.1 et al.) in which the mutual holding company remains a charitable and benevolent institution shall not constitute a material change in form as defined in section 1 of P.L.2001, c.131 (C.17:48E-49).
"Reorganized insurer" means a stock insurer authorized pursuant to Title 17B of the New Jersey Statutes to transact health insurance as defined in N.J.S.17B:17-4 and that, pursuant to a plan of reorganization as provided in P.L.2020, c.145 (C.17:48E-46.1 et al.), is a subsidiary of the mutual holding company system that holds the business of the health service corporation mutualizing and reorganizing pursuant to P.L.2020, c.145 (C.17:48E-46.1 et al.) that is related to policies directly written and issued by the health service corporation.
All health insurance or risk-bearing obligations of the health service corporation shall be undertaken by the reorganized insurer pursuant to subsection c. and e. of section 3 of P.L.2020, c.145 (C.17:48E-46.3).
L.2020, c.145, s.2.