1. A health maintenance organization licensed under chapter 695C of NRS may enter into a contract to act as an administrator of a program of health insurance.
2. Before entering into a contract pursuant to subsection 1, a health maintenance organization must file a copy of the contract with the Commissioner for approval. The Commissioner shall disapprove the contract if in his or her opinion it would have a substantial adverse effect on the financial soundness of the health maintenance organization and endanger its ability to meet its obligations. The Commissioner shall approve or disapprove the contract within 60 days after the filing.
3. A health maintenance organization that enters into a contract pursuant to this section is exempt from the provisions of this chapter relating to licensing and bonding of administrators, but is subject to all other provisions of this chapter.