summary
Introduced
01/06/2021
01/06/2021
In Committee
01/05/2022
01/05/2022
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
2021-2022 General Assembly
Bill Summary
AN ACT to amend the insurance law and the state finance law, in relation to creating the health insurance guaranty fund
AI Summary
This bill creates the New York Health Insurance Consumer Protection Security Fund, a guaranty fund mechanism to ensure that the financial obligations of health insurers to their enrollees and health care providers are satisfied in the event of a health insurer's financial impairment or insolvency. The bill authorizes the Superintendent of Financial Services to direct the Commissioner of Taxation and Finance to make payments from the fund to cover unpaid contractual obligations of impaired health insurers, and to advance monies from the fund if necessary. The fund will be financed through assessments on health insurers, with the Superintendent having the authority to exempt, abate, or defer assessments in certain circumstances. The State Finance Law is amended to establish the fund and authorize the transfer of necessary funds to the Superintendent to meet the fund's obligations.
Committee Categories
Business and Industry
Sponsors (35)
Vivian Cook (D)*,
Harvey Epstein (D)*,
Deborah Glick (D)*,
Richard Gottfried (D)*,
Donna Lupardo (D)*,
Victor Pichardo (D)*,
Jo Anne Simon (D)*,
Michaelle Solages (D)*,
Thomas Abinanti (D),
Michael Benedetto (D),
Ed Braunstein (D),
William Colton (D),
Michael Cusick (D),
Inez Dickens (D),
Steven Englebright (D),
Patricia Fahy (D),
Sandy Galef (D),
Andrew Hevesi (D),
Pamela Hunter (D),
Kimberly Jean-Pierre (D),
Charles Lavine (D),
Bill Magnarelli (D),
Steve Otis (D),
Amy Paulin (D),
Crystal Peoples-Stokes (D),
N. Nick Perry (D),
Dan Quart (D),
Robert Rodriguez (D),
David Rosenthal (D),
Linda Rosenthal (D),
Rebecca Seawright (D),
Phil Steck (D),
Al Stirpe (D),
Fred Thiele (D),
David Weprin (D),
Last Action
referred to insurance (on 01/05/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2021/A912 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A00912&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A00912 |
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