New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter XIV - Individual And Small Group Health Insurance
Part 365 - Paid Family Leave Covid- 19 Risk Adjustment Mechanism
Section 365.3 - Funding the COVID-19 immediate relief payments

Universal Citation: 11 NY Comp Codes Rules and Regs ยง 365.3

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

(a) The superintendent may require any insurer subject to the COVID-19 Risk Adjustment Mechanism to make a payment into the COVID-19 Risk Adjustment Pool to cover immediate relief payments approved under section 365.2 of this Part.

(b) In exercising the power set forth in subdivision (a) of this section, the superintendent shall first seek to fund the immediate relief payments from the COVID-19 Risk Adjustment Pool through funds contributed by the State Insurance Fund.

(c) The superintendent may, if no further funds are available from the State Insurance Fund, require from all insurers that are members of the COVID-19 Risk Adjustment Mechanism, other than the State Insurance Fund, an amount not to exceed the total amount of relief approved, with each insurer paying an amount proportionate to the expected losses to be suffered by the insurer related to payment of COVID-19 claims, as determined by the superintendent.

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