Assembly Bill A7153

2023-2024 Legislative Session

Creates the health insurance guaranty fund

download bill text pdf

Sponsored By

Current Bill Status - In Assembly Committee


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

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2023-A7153 (ACTIVE) - Details

Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §§7402, 7403, 7405, add Art 81 §§8101 - 8104, Ins L; amd §72, add §98-d, St Fin L
Versions Introduced in Other Legislative Sessions:
2015-2016: A9311
2017-2018: A4328
2019-2020: A2910
2021-2022: A912

2023-A7153 (ACTIVE) - Summary

Creates the health insurance guaranty fund.

2023-A7153 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7153
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 11, 2023
                                ___________
 
 Introduced by M. of A. SIMONE, STIRPE, HEVESI, FAHY, SEAWRIGHT, BENEDET-
   TO,  MAGNARELLI,  WEPRIN,  THIELE,  PAULIN,  BRAUNSTEIN, OTIS, COLTON,
   JEAN-PIERRE,  PEOPLES-STOKES,  HUNTER,  STECK,  D. ROSENTHAL,  LAVINE,
   L. ROSENTHAL,  DICKENS,  GONZALEZ-ROJAS -- Multi-Sponsored by -- M. of
   A. COOK, EPSTEIN, GLICK, LUPARDO, SIMON -- read once and  referred  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.
   § 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
 
              

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