|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to insurance|
|Jan 09, 2013||referred to insurance|
senate Bill S971
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S971 - Details
- Current Committee:
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §§7308 & 5502, Ins L; amd §40, Chap 266 of 1986
- Versions Introduced in 2011-2012 Legislative Session:
S971 - Summary
Relates to the conversion of domestic reciprocal medical malpractice insurers and the premium rates and surcharges for medical malpractice insurance.
S971 - Sponsor Memo
BILL NUMBER:S971 TITLE OF BILL: An act to amend the insurance law, in relation to reciprocal insurance companies, and medical malpractice premium rates and surcharges; and to amend chapter 266 of the laws of 1986, amending the civil practice law and rules and other laws relating to malpractice and professional medical conduct, in relation to medical malpractice premium rates and surcharges PURPOSE: The purpose of this legislation is to facilitate the ability at domestic medical malpractice insurers to adjust their premium rates up to an aggregate of plus or minus five percent without prior regulatory approval, permit domestic reciprocal medical malpractice insurers that provide coverage to teaching faculty to convert more easily to domestic stock insurance companies, and to reform the Medical Malpractice Insurance Pool. SUMMARY OF PROVISIONS: This bill permits domestic medical malpractice insurers to adjust their premium rates up to an aggregate of plus or minus five percent without prior regulatory approval, permit domestic reciprocal medical malpractice insurers that provide coverage to teaching physicians and dentists to convert more easily to domestic stock
S971 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 971 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ Introduced by Sen. LIBOUS -- 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 reciprocal insurance companies, and medical malpractice premium rates and surcharges; and to amend chapter 266 of the laws of 1986, amending the civil practice law and rules and other laws relating to malpractice and professional medical conduct, in relation to medical malpractice premium rates and surcharges THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 7308 of the insurance law is amended to read as follows: S 7308. Conversion of domestic reciprocal insurers into stock property/casualty insurance companies. (a) AS USED IN THIS ARTICLE: (1) "DOMESTIC RECIPROCAL MEDICAL MALPRACTICE INSURER" MEANS ANY DOMES- TIC RECIPROCAL INSURER ORGANIZED PURSUANT TO ARTICLE SIXTY-ONE OF THIS CHAPTER FOR WHICH, IN THE YEAR ENDING DECEMBER THIRTY-FIRST PRIOR TO CONVERTING TO A STOCK PROPERTY/CASUALTY INSURANCE COMPANY, AT LEAST NINETY PERCENT OF ITS PREMIUM WRITINGS WERE DERIVED FROM INSURING PHYSI- CIANS OR DENTISTS WHO HAD AN ACADEMIC APPOINTMENT AT ANY STATE UNIVERSI- TY OF NEW YORK MEDICAL SCHOOL OR FACILITY, OR WHO HAD AN ACADEMIC APPOINTMENT AT NEW YORK MEDICAL COLLEGE; (2) "CLINICAL PRACTICE PLAN" MEANS (A) A CLINICAL PRACTICE PLAN AS DEFINED IN SUBPARAGRAPH (III) OF PARAGRAPH (B) OF SUBDIVISION FOURTEEN OF SECTION TWO HUNDRED SIX OF THE PUBLIC HEALTH LAW AND WHICH PLAN IS SUBJECT TO REGULATION BY THE BOARD OF REGENTS, AND (B) WESTCHESTER MEDICAL CENTER. (B) Any domestic reciprocal insurer doing business under the provisions of this article may, EITHER (1) by the affirmative vote of its subscribers holding two-thirds of its operating reserve accumu- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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