Neither a nonprofit hospital service corporation, nor an affiliate (as defined in 27-19.2-2) that is an insurer (as defined in § 27-20.6-1(1)), may take any of the following actions without the prior approval of at least two-thirds percent (66.67%) of the corporation’s entire board of directors:
(1) Authorize a conversion as defined in 27-66-4;
(2) Withdraw a health insurance product previously offered in the individual market; or
(3) Result in the withdrawal from a geographic region.