New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter III - Policy and Certificate Provisions
Subchapter B - Property and Casualty Insurance
Part 73 - Claims-made Policies; Scope Of Application; Minimum Standards
Section 73.5 - Terms and conditions of medical malpractice policies for physicians

Universal Citation: 11 NY Comp Codes Rules and Regs § 73.5

Current through Register Vol. 46, No. 39, September 25, 2024

In addition to the requirements contained in section 73.3 of this Part, except subdivisions (b) and (f) through (h) of such section, all claims-made medical malpractice policies for physicians licensed in this State, which are issued or renewed in this State, shall comply with the following minimum requirements:

(a) A retroactive date may not be changed during the term of the physician claims-made relationship and any extended reporting period.

(b) Upon termination of coverage:

(1) An insurer shall offer the insured an extended reporting period providing coverage for an unlimited time period.

(2) The extended reporting period coverage shall provide an annually renewed aggregate liability limit equal to at least 100 percent of the policy's annual aggregate liability limit, except that the annually renewed aggregate liability limit need not be provided where a simultaneous extended reporting period is issued, pursuant to section 70.8(g)(2) of this Title.

(3) The insured shall have the option of purchasing such extended reporting period coverage either in a single payment or in three annual installments with an additional finance charge.

(c) Upon termination of coverage, an insurer shall provide the extended reporting period coverage required by subdivision (b) of this section, without charging an additional premium, if, while covered by the policy, the insured:

(1) dies;

(2) becomes permanently disabled and is unable to carry out the practice of medicine; or

(3) retires permanently and totally from the practice of medicine after (i) attaining the age of 65 or older and has been insured with an authorized insurer on a claims-made basis for a period of five or more consecutive years, or (ii) attaining the age of 55 or older and has been insured with an authorized insurer on a claims-made basis for a period of 10 or more consecutive years.

(d) Upon termination of coverage, a policy issued to a person must provide, to a hospital whose facilities are used by such, person extended reporting period coverage as required by subdivision (b) of this section, to protect the interests of such hospital, if such person does not purchase extended reporting period coverage. The insurer shall not charge the hospital a premium for such coverage.

(e) During a physicians claims-made relationship and any extended reporting period, a person employed or otherwise affiliated with the insured and covered by the insured's claims-made policy during such affiliation, shall continue to be covered under such policy and any extended reporting period after such affiliation has ceased for such person's covered acts or omissions during such affiliation.

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