New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter XX - Medical Malpractice Residual Market
Part 430 - Mechanism For The Equitable Distribution Of Insureds Unable To Obtain Medical Malpractice Insurance
Section 430.0 - Preamble
Current through Register Vol. 46, No. 12, March 20, 2024
(a) Chapter 147 of the Laws of 2000 amended section 5502(c) of the Insurance Law to provide for the dissolution of the Medical Malpractice Insurance Association (MMIA) at such time and under such conditions as the superintendent deems proper. MMIA provides medical malpractice insurance to physicians, dentists, podiatrists, certified registered nurse anesthetists, certified nurse-midwives and hospitals. All policies of insurance written by the MMIA must expire or be transferred prior to its dissolution.
(b) Section 5502(c) was also amended to require the superintendent to promulgate regulations prescribing a plan for the equitable distribution of the insureds of the MMIA, and health care practitioners and facilities which are otherwise unable to secure coverage in the voluntary market following the dissolution of MMIA, to authorized medical malpractice insurers writing such coverage in New York.
(c) In order to provide for this equitable distribution, this Part establishes the New York Medical Malpractice Insurance Plan, of which all insurers licensed in New York and writing medical malpractice insurance on a direct basis are required to be members. Eligible health care providers unable to obtain medical malpractice insurance in the voluntary market will be assigned to members writing the applicable class of business in the rating territory.
