2.__Health care coverage.__The company shall provide individual and group health insurance to residents and employers in this State, including primary health care policies as required by Title 24-A, section 2736-C, subsection 8-A; section 2808-B, subsection 8-A; and section 4315.__The company may not provide health insurance to out-of-state residents or employers.

3.__Incorporation.__The company must be incorporated pursuant to the provisions of chapter 19.__The incorporators must be appointed by the Governor subject to review and approval by the joint standing committee of the Legislature having jurisdiction over health insurance matters.__The appointments must be made within 10 days after the effective date of this subsection. The joint standing committee shall complete its review and vote on the approval of the appointments of the Governor within 10 days of the Governor's written notice of the appointments.__If the joint standing committee fails to act within the required 10 days, then the appointees put forward by the Governor become the required incorporators. Upon appointment, the incorporators shall execute a certificate of organization as required by this Title and immediately pursue a certificate of authority for a nonprofit hospital and medical service organization.

4.__Composition of board.__The company is governed by a board of directors that consists of at least__14 members.__ Nine members must be policyholders who purchase health insurance coverage from the company, except that the initial appointment may include members who have purchased coverage from other carriers licensed in this State.__Three members must be persons who represent the public interest of the company.__Members who are policyholders and members who represent the public interest must be appointed by the Governor within 30 days after a new board member is authorized or a vacancy occurs, subject to review and approval by the joint standing committee of the Legislature having jurisdiction over health insurance matters.__The joint standing committee shall complete its review and vote on approval of the appointments of the Governor within 15 days of the Governor's written notice of appointment.__If the joint standing committee fails to act within the required 15 days, then the appointees put forward by the Governor become the required board members. One member must be an at-large policyholder member