HF 533 (see companion bill SF 1984) – Minnesota

Status: Inactive / Dead
Year Introduced: 2019
Link: https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF0533&ssn=0&y=2019

Nonprofit health care entities conversion transactions review and approval required by attorney general, all net earnings of a nonprofit health maintenance organization required to be used for nonprofit purposes, moratorium on conversion transactions extended, and penalties imposed. This bill provides that before a nonprofit health maintenance organization (HMO) or a nonprofit health service plan corporation merges, consolidates, converts, or transfers all or a material amount of its assets to an entity that is not a tax-exempt Minnesota nonprofit corporation, that transaction must be reviewed and approved by the attorney general, and the HMO or service plan corporation must transfer the value of its public benefit assets to a conversion benefit entity. It also prohibits a nonprofit HMO from using its net earnings for any purpose other than providing comprehensive health care, and extends the moratorium on HMO or service plan corporation conversion transactions to June 30, 2029.

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