Rhode Island § 27-66-15 - The Health Insurance Conversions Act
Full text of Rhode Island Rhode Island General Laws § 27-66-15 — The Health Insurance Conversions Act, with citation guidance and answers to common questions.
§ 27-66-15. The Health Insurance Conversions Act
R.I. Gen. Laws § 27-66-15
§ 27-66-15. Distribution of proceeds from acquisition — Selection and establishment of an independent foundation.
(a) In the event of the approval of a conversion involving a not-for-profit corporation, as an acquiree, it may be required that the proceeds from the sale and any endowments, restricted, unrestricted and specific purpose funds may be transferred to a charitable foundation established in this section.
(b) The determination whether the proceeds of the conversion shall be transferred to the foundation established in this section shall be made pursuant to the common law doctrine of cy pres and chapter 4 of title 18.
(c) The board of directors shall consist of an executive director, who shall serve ex-officio, and nine (9) members, all of whom shall be citizens and residents of this state and none of whom shall be members of the general assembly, and three (3) of whom shall be appointed by the governor, three (3) of whom shall be appointed by the speaker of the house, and three (3) of whom shall be appointed by the president of the senate. The board members may include one or more members with experience in matters including financial, legal, business, labor, healthcare delivery, investments, community purpose, grant-making, health insurance and members who represent diverse populations of the affected community and not more than three (3) members of the board may be prior board members of the acquiree.
(d) The members shall be appointed for terms of three (3) years except for the three (3) members originally appointed by each of the appointing authorities; one shall be appointed for a term of one year, one shall be appointed for a term of two (2) years, and one for a term of three (3) years. The board shall annually elect a chairperson from among its members and other officers it deems necessary for the performance of its duties and board members shall not receive compensation.
(e) Control of the distribution of the proceeds of the fund is vested solely in the board provided, the investment responsibility shall be through the “Rhode Island Foundation,” or similar foundation.
(f) Vacancies occurring on the board may be filled by a majority vote of the remaining board members.
History of Section.
P.L. 1999, ch. 215, § 1; P.L. 1999, ch. 376, § 1; P.L. 2001, ch. 180, § 58.
Source: official Rhode Island text · Last verified 2026-08-27
Frequently Asked Questions About Rhode Island § 27-66-15
What does Rhode Island General Laws § 27-66-15 cover?
Section 27-66-15 ("The Health Insurance Conversions Act") is part of the Rhode Island General Laws, the codified statutory law of Rhode Island. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Rhode Island § 27-66-15?
A common citation format is "Rhode Island General Laws § 27-66-15" (Rhode Island). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Rhode Island law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Rhode Island official source linked on this page or consult a licensed Rhode Island attorney.
How does Rhode Island § 27-66-15 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Rhode Island can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Rhode Island.