Insurance; to allow reorganization of a nonprofit health care service corporation under the control of a nonprofit holding company

SB 247 allows nonprofit health care service corporations in Alabama to reorganize under a nonprofit holding company, creating a new structural framework without altering their core legal identity. The bill restricts the holding company (and its affiliates) from controlling hospitals, insurance companies, or other health care providers - except for foreign acquisitions that commit to divesting Alabama health care assets within two years. It also requires public notice and a 30-day comment period for transactions exceeding 5% of the health care service corporation’s assets. These provisions aim to balance organizational flexibility with regulatory oversight in Alabama’s health care sector.