New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter III - Policy and Certificate Provisions
Subchapter B - Property and Casualty Insurance
Part 65 - Regulations Implementing The Comprehensive Motor Vehicle Insurance Reparations Act
Subpart 65-2 - Rights And Liabilities Of Self-insurers
Section 65-2.5 - Reimbursement and trust agreement
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 65-2.5
Current through Register Vol. 46, No. 39, September 25, 2024
(a) To the extent that the self-insurer pays first-party benefits, the self-insurer is entitled to the proceeds of any settlement or judgment resulting from the exercise of any right of recovery for damages for personal injury under section 5104(b) of the New York Insurance Law. The self- insurer shall have a lien upon any such settlement or judgment to the extent that the self-insurer has paid first-party benefits. An eligible injured person shall:
(1) hold in trust, for
the benefit of the self-insurer, all rights of recovery which he shall have for
personal injury under section 5104(b) of the New York Insurance Law;
(2) do whatever is proper to secure, and
shall do nothing to prejudice, such rights; and
(3) execute, and deliver to the self-insurer,
instruments and papers as may be appropriate to secure the rights and
obligations of such person and the self-insurer, established by this
Part.
(b) An eligible injured person shall not compromise an action to recover damages brought under section 5104(b) of the New York Insurance Law except:
(1) with the written consent of the
self-insurer;
(2) with approval of
the court; or
(3) where the amount
of the settlement exceeds $50,000.
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