Section 1403.2. Insurance Restructuring Restricted Receipt Account.--(a) There is established in the State Treasury a restricted receipt account to be known as the Insurance Restructuring Restricted Receipt Account. Interest earned on money in the account shall be deposited into the account.
(b) All net economic benefits, including proceeds, savings, funds or moneys derived from and any agreement related to or from the merger, consolidation or other acquisition of control of a hospital plan corporation or professional health services plan corporation which are to be paid to the Commonwealth or a Commonwealth program shall be deposited into the account for purposes as determined by the General Assembly.
(c) No contract or written agreement between a hospital plan corporation or professional health services plan corporation and the Commonwealth or any other entity relating to the disbursement or spending of money in the account may be entered into until moneys that may exist or are to be derived from any contract or written agreement for deposit into the account are appropriated by the General Assembly.
(d) No moneys or funds may be transferred or paid from the account unless appropriated by the General Assembly.
(1403.2 added July 9, 2008, P.L.885, No.62)
Compiler's Note: See sections 11 and 12 of Act 62 of 2008 in the appendix of this act for special provisions relating to mergers, consolidations or other acquisitions of control.