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 430.4 - Administration of the new york medical malpractice insurance plan
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 430.4
Current through Register Vol. 46, No. 12, March 20, 2024
(a) The plan shall be governed by a Board of Directors consisting of the following:
(1)
(i)
three members elected by cumulative voting by the members whose votes in such
election shall be weighted in accordance with each member's net direct premiums
written for medical malpractice insurance during the preceding calendar year.
At least one of these directors must be an insurer writing medical malpractice
insurance in New York but not writing medical malpractice insurance in New York
for physicians or hospitals;
(ii)
two members elected by cumulative voting by the members whose votes in such
election shall have equal weight;
(iii) under subparagraphs (i) and (ii) of
this paragraph, no member may serve as more than one director at any one
time;
(2) two members
appointed by the Superintendent of Insurance, at least one of which is a
representative of eligible health care providers; and
(3) the superintendent or a duly authorized
representative of the superintendent shall serve as a nonvoting member of the
Board of Directors.
(b) The plan shall be administered in accordance with a plan of operations approved by the superintendent which provides for economic, fair and nondiscriminatory administration and for the prompt and efficient provision of medical malpractice insurance. The plan of operations shall provide:
(1) authorization for all actions necessary
to effectuate the operations of the plan;
(2) the methodology for determining that
applicants for coverage through the plan have been unable to obtain coverage in
the voluntary market;
(3) the
methodology for the assignment of policyholders among plan members;
and
(4) procedures under which:
(i) any member of the plan may be authorized
by the board, with the approval of the Superintendent of Insurance, to service
the assignments of other members of the plan that desire to be relieved of
their responsibility to service their assignments; or
(ii) the members agree to participate in an
independent pooling mechanism, subject to the approval of the superintendent,
whereby writings, expenses, fees and losses will be shared proportionately
among members of the plan.
(c) Amendments to the plan of operations may be made by the board of directors, subject to the approval of the superintendent, or shall be made at the direction of the superintendent.
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