senate Bill S7317

Signed By Governor
2013-2014 Legislative Session

Relates to funding for student health plans

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Sponsored By

Archive: Last Bill Status Via A9604 - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 22, 2014 signed chap.124
Jul 11, 2014 delivered to governor
Jun 10, 2014 returned to assembly
passed senate
3rd reading cal.968
substituted for s7317
Jun 10, 2014 substituted by a9604
Jun 02, 2014 advanced to third reading
May 29, 2014 2nd report cal.
May 28, 2014 1st report cal.968
May 12, 2014 referred to insurance

Votes

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Co-Sponsors

S7317 - Bill Details

See Assembly Version of this Bill:
A9604
Law Section:
Insurance Law
Laws Affected:
Amd ยง1124, Ins L

S7317 - Bill Texts

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Relates to funding for student health plans.

view sponsor memo
BILL NUMBER:S7317

TITLE OF BILL: An act to amend the insurance law, in relation to
funding for student health plans

PURPOSE:

This legislation makes technical amendments to a statute authorizing
certain universities to self-insure for the purposes of providing
health insurance to currently enrolled students. These amendments will
reduce the amount of time a university has to deposit required funds
in case of insolvency. It also provides that this fund be accounted
for separate and apart from all other assets, liabilities, income and
expenses.

SUMMARY OF PROVISIONS:

This bill makes technical amendments to chapter 246 of the laws of
2012 (S.7314- A/A.10577-A) to clarify the requirements of a university
that establishes a self-insured student health plan. These amendments
specify that funds to pay these claims shall be accounted for
separately rather than be held in separate accounts. Additionally, a
university will have five days to comply with the superintendent's
order to deposit additional funds for this purpose instead of thirty
days.

JUSTIFICATION:

Sufficient funds to pay claims must be available in case of a
bankruptcy. This legislation clarifies these requirements.

LEGISLATIVE HISTORY:

New bill.

FISCAL IMPLICATIONS:

None.

EFFECTIVE DATE:

Immediately.

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                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7317

                            I N  S E N A T E

                              May 12, 2014
                               ___________

Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
  printed to be committed to the Committee on Insurance

AN ACT to amend the insurance law, in relation to  funding  for  student
  health plans

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subsection (m) of section 1124 of  the  insurance  law,  as
added by chapter 246 of the laws of 2012, is amended to read as follows:
  (m)(1)  [No part of any] ANY funds of the institution, as they pertain
to the student health plan, shall be [subject to the claims  of  general
creditors  of the institution] ACCOUNTED FOR SEPARATE AND APART FROM ALL
OTHER ASSETS, LIABILITIES, INCOME AND EXPENSES OF THE INSTITUTION  until
all  plan benefits and other plan obligations have been satisfied. Until
such time, the institution shall  continue  to  maintain  and  fund  the
reserve  funds  required  to be established under subsection (h) of this
section. If at any time the superintendent  determines  that  additional
funds  shall  be  deposited  in  the reserve funds, then the institution
shall make the deposit within [thirty] FIVE days of the superintendent's
determination.
  (2) If, after twenty-four months, or  such  longer  period  as  deemed
necessary  by the superintendent, all plan benefits and other plan obli-
gations have been satisfied,  the  institution,  upon  approval  by  the
superintendent,  shall  no  longer be required to maintain assets within
the plan's reserve funds within [restricted] accounts within the  insti-
tution's general accounting ledger system.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15047-01-4

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