I. No person may operate a health maintenance organization without obtaining a certificate of authority from the commissioner. A foreign corporation may qualify under this chapter subject to its registration to do business in this state as a foreign corporation under RSA 293-A.
II. Every health maintenance organization, as of August 21, 1977, shall submit an application for a certificate of authority within 120 days of August 21, 1977. Each such applicant may continue to operate without certificate of authority until the commissioner acts upon the application.