Hospital service corporations or associations formed prior to April 7, 1939, may continue their existence and may fulfill their contracts and enter into new contracts as now written, including provisions therein for medical, surgical, and nursing as well as hospital services, provided that such contracts written after July 1, 1939, shall be subject to the approval of the Commissioner of Financial Regulation as provided in section 4513 of this title. Except as aforesaid, a hospital service plan as described in this chapter shall not be established, maintained, or operated by an unincorporated association. All hospital service corporations organized after April 7, 1939, and their contracts shall be subject to the provisions of this chapter. (Amended 1989, No. 225 (Adj. Sess.), § 25(b); 1995, No. 180 (Adj. Sess.), § 38(a); 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)