Sec. 2. (a) If the commissioner finds that the net worth maintained by a health maintenance organization subject to this article is less than the minimum net worth required by IC 27-13-12, the commissioner shall:
(1) give written notice to the health maintenance organization of the amount of the deficiency; and
(2) require the health maintenance organization to:
(A) file with the commissioner a plan for correction of the deficiency that is acceptable to the commissioner; and
(B) correct the deficiency within a reasonable time, not to exceed sixty (60) days, unless an extension of time, not to exceed an additional sixty (60) days, is granted by the commissioner.
(b) A deficiency described in subsection (a) is an impairment, and the failure of a health maintenance organization to correct the impairment in the time prescribed by the commissioner under subsection (a) is grounds for:
(1) the suspension or revocation of the certificate of authority of the organization; or
(2) placing the health maintenance organization in rehabilitation or liquidation.
As added by P.L.26-1994, SEC.25.
Structure Indiana Code
Article 13. Health Maintenance Organizations
Chapter 24. Suspension, Revocation, or Denial of Certificate of Authority
27-13-24-1. Grounds for Suspension or Revocation
27-13-24-2. Deficient Net Worth
27-13-24-3. Procedures; Written Order; Revised Application; Hearing
27-13-24-4. Action by Commissioner After Hearing
27-13-24-5. Application of Ic 4-21.5
27-13-24-6. Prohibited Activity During Suspension
27-13-24-7. Conclusion of Affairs Following Revocation of Certificate of Authority