Sec. 218.
A health care corporation shall not do any of the following:
(a) Take any action to change its nonprofit status.
(b) Except as otherwise provided in section 220, dissolve, merge, consolidate, mutualize, or take any other action that results in a change in direct or indirect control of the health care corporation or sell, transfer, lease, exchange, option, or convey assets that results in a change in direct or indirect control of the health care corporation.
History: Add. 2002, Act 559, Imd. Eff. Sept. 27, 2002 ;-- Am. 2013, Act 4, Imd. Eff. Mar. 18, 2013 Popular Name: Blue Cross-Blue ShieldPopular Name: Act 350
Structure Michigan Compiled Laws
Chapter 550 - General Insurance Laws
Act 350 of 1980 - The Nonprofit Health Care Corporation Reform Act (550.1101 - 550.1704)
350-1980-2 - Part 2 (550.1201...550.1220)
Section 550.1201a - Formation of Health Care Corporation After January 1, 2014; Prohibition.
Section 550.1203 - Amendment or Restatement of Articles; Review; Approval.
Section 550.1204a - Unimpaired Surplus.
Section 550.1205 - Repealed. 2003, Act 59, Eff. July 23, 2003.
Section 550.1205a - Actuarial Practices and Accounting Principles; Financial Report.
Section 550.1208 - Action by Member; Complaint.
Section 550.1209 - Action by Member; Discontinuance, Compromise, or Settlement; Notice; Expense.
Section 550.1210 - Action by Member; Reasonable Expenses; Attorney's Fees.
Section 550.1212 - Action Without Notice or Lapse of Time Periods; Waiver; Attorney-in-Fact.
Section 550.1213 - Indemnification.
Section 550.1214 - Rate of Interest.
Section 550.1216, 550.1217 - Repealed. 2002, Act 559, Imd. Eff. Sept. 27, 2002.
Section 550.1218 - Health Care Corporation; Prohibited Actions.
Section 550.1219 - Provisions Superseded.
Section 550.1220 - Merger of Health Care Corporation With Nonprofit Mutual Disability Insurer.