Each such corporation shall be subject to liquidation, dissolution or rehabilitation, and such proceeding shall be under the supervision of the Insurance Commissioner, who shall have such powers hereunder as he possesses in reference to domestic insurance corporations. Any hospital service corporation may merge with any other hospital service corporation or corporations, subject to the approval of the Insurance Commissioner and may consolidate or merge with any medical service corporation organized under sections 38a-214 to 38a-225, inclusive, subject to the approval of the Insurance Commissioner. The new corporation resulting from such consolidation or the surviving corporation resulting from such merger may exercise all of the powers and perform all of the functions of hospital service corporations organized pursuant to sections 38a-199 to 38a-209, inclusive, and medical service corporations organized pursuant to sections 38a-214 to 38a-225, inclusive, and shall be subject to the provisions of said sections. Prior to such approval, the commissioner shall hold a hearing or hearings, in accordance with the procedures of chapter 54 to determine that the terms and conditions of the proposed merger or consolidation are fair and reasonable and that the interests of all parties, subscribers and affected persons are adequately protected. The consolidation or merger shall become effective upon the filing with the Secretary of the State of a certificate of consolidation or merger, endorsed as approved by the Insurance Commissioner.
(1949 Rev., S. 5275; P.A. 74-7, S. 1; P.A. 77-614, S. 163, 610; P.A. 80-482, S. 217, 348.)
History: P.A. 74-7 added provisions re merger and consolidation of medical service corporations and hospital service corporations; P.A. 77-614 made insurance department a division within the department of business regulation with commissioner as its head, effective January 1, 1979; P.A. 80-482 restored insurance division as independent department and abolished department of business regulation; Sec. 33-162 transferred to Sec. 38a-204 in 1991.
Annotation to former section 33-162:
Cited. 184 C. 352.
Structure Connecticut General Statutes
Chapter 698a - Health Care and Related Service Groups
Section 38a-175. (Formerly Sec. 33-179a). - Definitions.
Section 38a-177. (Formerly Sec. 33-179c). - Manner of providing health care.
Section 38a-178. (Formerly Sec. 33-179e). - Organization.
Section 38a-179. (Formerly Sec. 33-179g). - Management of domestic health care center. Directors.
Section 38a-184. (Formerly Sec. 33-179l). - Expenditure of funds.
Section 38a-187. (Formerly Sec. 33-179o). - Investments. Use of ancillary equipment and facilities.
Section 38a-189. (Formerly Sec. 33-179q). - Workers' Compensation Act not affected.
Section 38a-190. (Formerly Sec. 33-179r). - Inapplicability of other laws.
Section 38a-191. (Formerly Sec. 33-179s). - Authority of insurance companies not affected.
Section 38a-192. (Formerly Sec. 33-179u). - Regulations by Insurance Commissioner.
Section 38a-193. - Protection against insolvency.
Section 38a-194. - Enrollment period. Replacement coverage in the event of insolvency.
Section 38a-201. (Formerly Sec. 33-159). - Form of contract.
Section 38a-202. (Formerly Sec. 33-160). - Reports and examinations.
Section 38a-203. (Formerly Sec. 33-161). - Investments.
Section 38a-204. (Formerly Sec. 33-162). - Liquidation or rehabilitation. Mergers.
Section 38a-205. (Formerly Sec. 33-163). - Workers' compensation law not affected.
Section 38a-207. (Formerly Sec. 33-165). - Exemption from taxation.
Section 38a-209. (Formerly Sec. 33-167). - Appeal.
Section 38a-215. (Formerly Sec. 33-169). - Formation.
Section 38a-217. (Formerly Sec. 33-171). - Form of contract.
Section 38a-220. (Formerly Sec. 33-174). - Investments.
Section 38a-221. (Formerly Sec. 33-175). - Liquidation or rehabilitation. Mergers.
Section 38a-222. (Formerly Sec. 33-176). - Workers' compensation law not affected.
Section 38a-224. (Formerly Sec. 33-178). - Exemption from taxation.