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A09604 Summary:

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A09604 Floor Votes:

A09604 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          9604
 
                   IN ASSEMBLY
 
                                       May 9, 2014
                                       ___________
 
        Introduced  by M. of A. MORELLE -- read once and referred to the Commit-
          tee on Insurance
 
        AN ACT to amend the insurance law, in relation to  funding  for  student
          health plans
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Subsection (m) of section 1124 of  the  insurance  law,  as

     2  added by chapter 246 of the laws of 2012, is amended to read as follows:
     3    (m)(1)  [No part of any] Any funds of the institution, as they pertain
     4  to the student health plan, shall be [subject to the claims  of  general
     5  creditors  of the institution] accounted for separate and apart from all
     6  other assets, liabilities, income and expenses of the institution  until
     7  all  plan benefits and other plan obligations have been satisfied. Until
     8  such time, the institution shall  continue  to  maintain  and  fund  the
     9  reserve  funds  required  to be established under subsection (h) of this
    10  section. If at any time the superintendent  determines  that  additional
    11  funds  shall  be  deposited  in  the reserve funds, then the institution

    12  shall make the deposit within [thirty] five days of the superintendent's
    13  determination.
    14    (2) If, after twenty-four months, or  such  longer  period  as  deemed
    15  necessary  by the superintendent, all plan benefits and other plan obli-
    16  gations have been satisfied,  the  institution,  upon  approval  by  the
    17  superintendent,  shall  no  longer be required to maintain assets within
    18  the plan's reserve funds within [restricted] accounts within the  insti-
    19  tution's general accounting ledger system.
    20    § 2. This act shall take effect immediately.
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15047-01-4