Establishes a health insurance guaranty fund to protect individuals from insurer insolvency.
The bill creates the New York health insurance consumer protection security fund to safeguard individuals from financial harm due to health insurer insolvency. The fund ensures payments to healthcare providers and indemnity payments to individuals for services provided before and after insolvency proceedings. Health insurers contribute to the fund through assessments based on premiums. The superintendent directs the commissioner to make payments from the fund to cover unpaid obligations. The fund's cost is not included in health insurer premiums.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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