Sec. 38a-204. (Formerly Sec. 33-162). Liquidation or rehabilitation. Mergers.
Sec. 38a-204. (Formerly Sec. 33-162). Liquidation or rehabilitation. Mergers.
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.