Bill > A06305

This bill creates a New York Health Insurance Consumer Protection Security Fund to protect individuals against health insurance companies that are unable to meet their financial obligations due to impairment or insolvency. The fund will be established through assessments on health insurers based on their premiums, with the goal of ensuring that healthcare providers and covered individuals continue to receive payment for services even if a health insurance company becomes financially unstable. The superintendent of financial services will have the power to direct payments from the fund to cover unpaid claims, with assessments levied on other health insurers to replenish the fund. The bill allows for exemptions or deferrals of assessments for insurers that would be financially harmed by the assessment, and requires that any exempted amounts be redistributed among other insurers. The fund aims to provide a safety net that ensures continuous healthcare coverage and payment for services during instances of health insurer financial failure, with specific provisions for reimbursing claims both before and after the implementation of insolvency proceedings. The act will take effect immediately and apply to any health insurer determined to be insolvent by the superintendent of financial services.

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https://www.nysenate.gov/legislation/bills/2025/A6305