Authorizes residential cooperative corporations to offer health insurance to their members and dependents.
This bill amends the insurance law to allow residential cooperative corporations to offer health insurance to their members and their dependents. The cooperative must have been in active existence for at least two years, not be formed solely for obtaining insurance, and the policy must be issued by an authorized insurer. The Superintendent of Financial Services will implement rules for solvency protection, nondiscrimination, disclosure, and reporting.
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