(1) As used in this section, "provider-sponsored integrated health delivery network" has the same meaning as in KRS 304.17A-005.
(2) A provider-sponsored integrated health delivery network may elect to convert to a health maintenance organization under KRS 304.38-070(5) by filing an election to convert with the commissioner that contains a notification of the network's effective date of conversion.
(3) Within thirty (30) days of the date of an election filing under subsection (2) of this section, the commissioner shall issue a certificate of authority as a health maintenance organization under KRS 304.38-070(5) to the provider-sponsored integrated health delivery network unless the commissioner:
(a) Finds that, at the time of the election, the provider-sponsored integrated health delivery network fails to meet the net worth requirements of KRS 304.38- 070(5)(b); and (b) Provides the provider-sponsored integrated health delivery network with a written notice of the determination that contains a notice of the network's rights under KRS 304.2-310.