senate Bill S6667

2015-2016 Legislative Session

Creates the health insurance guaranty fund

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Insurance Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 03, 2016 referred to insurance

Co-Sponsors

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S6667 (ACTIVE) - Details

See Assembly Version of this Bill:
A9311
Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §§7402, 7403, 7405, add Art 81 §§8101 - 8104, Ins L; amd §72, add §97-yyyy, St Fin L
Versions Introduced in Other Legislative Sessions:
2017-2018: S8316, A4328
2019-2020: A2910
2021-2022: A912

S6667 (ACTIVE) - Summary

Creates the health insurance guaranty fund.

S6667 (ACTIVE) - Sponsor Memo

S6667 (ACTIVE) - Bill Text download pdf

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

                                  6667

                            I N  S E N A T E

                            February 3, 2016
                               ___________

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

AN ACT to amend the insurance law and the state finance law, in relation
  to creating the health insurance guaranty fund

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

  Section  1.    Subsection  (e) of section 7402 of the insurance law is
amended to read as follows:
  (e) Is found, after examination, to be  in  such  condition  that  its
further  transaction of business will be hazardous to its policyholders,
creditors, or the public.   THIS SHALL  INCLUDE  A  HEALTH  INSURER,  AS
DEFINED  IN  ARTICLE  EIGHTY-ONE  OF  THIS CHAPTER, THAT IS CONSISTENTLY
UNABLE TO MEET THE REQUIREMENTS OF SECTION THREE  THOUSAND  TWO  HUNDRED
TWENTY-FOUR-A OF THIS CHAPTER.
  S  2.  Section  7403  of  the insurance law is amended by adding a new
subsection (e) to read as follows:
  (E)(1) UPON A DETERMINATION BY THE SUPERINTENDENT AND THE  REHABILITA-
TOR  THAT  FUNDS  FROM THE NEW YORK HEALTH INSURANCE CONSUMER PROTECTION
SECURITY FUND ARE NECESSARY TO MEET THE REQUIREMENTS OF ARTICLE  EIGHTY-
ONE  OF THIS CHAPTER, THE SUPERINTENDENT SHALL MAKE AVAILABLE SUCH FUNDS
AS ARE NECESSARY, PURSUANT TO THE REQUIREMENTS OF SUCH ARTICLE.
  (2) THE SUPERINTENDENT SHALL ADVANCE SUCH FUNDS AS  MAY  BE  NECESSARY
PURSUANT TO SUBSECTION (D) OF SECTION EIGHT THOUSAND ONE HUNDRED FOUR OF
THIS CHAPTER. THE REHABILITATOR AND THE SUPERINTENDENT SHALL ESTABLISH A
PLAN,  IF  POSSIBLE, FOR REPAYMENT OF THE ADVANCE, AT A RATE OF INTEREST
DETERMINED BY THE SUPERINTENDENT.
  (3) ADVANCES, PURSUANT TO PARAGRAPH TWO OF THIS SUBSECTION, SHALL,  IN
ALL RESPECTS EXCEPT TO RATE OF INTEREST, BE SUBJECT TO THE PROVISIONS OF
SECTION  ONE THOUSAND THREE HUNDRED SEVEN OF THIS CHAPTER, PROVIDED THAT
IN THE EVENT THAT AN INSURER WHICH HAS RECEIVED AN ADVANCE  PURSUANT  TO
THIS  SUBSECTION IS SUBSEQUENTLY THE SUBJECT OF AN ORDER OF LIQUIDATION,
THE CLAIM OF THE FUND FOR THE ADVANCE AND  ANY  ACCRUED  INTEREST  SHALL
HAVE  PRIORITY  ABOVE  CLAIMS  OF ALL NONSECURED CREDITORS, PROVIDED THE
REQUIREMENTS OF ARTICLE EIGHTY-ONE OF THIS CHAPTER HAVE  BEEN  MET,  AND

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

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