N.Y. Insurance Law 4713 – Plan dissolution
§ 4713. Plan dissolution. (a) In any case in which the governing board of a municipal cooperative health benefit plan determines that there is reason to believe that the plan will terminate, the governing board shall so inform the superintendent and submit a plan for the superintendent's approval for winding up the plan's affairs in an orderly manner designed to result in timely payment of all benefits, in such form and manner as the superintendent may prescribe.
Terms Used In N.Y. Insurance Law 4713
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Governing board: means the group of persons, designated in the municipal cooperation agreement establishing the municipal cooperative health benefit plan, to be responsible for administering the plan. See N.Y. Insurance Law 4702
- plan: means any plan established or maintained by two or more municipal corporations pursuant to a municipal cooperation agreement for the purpose of providing medical, surgical or hospital services to employees or retirees of such municipal corporations and to the dependents of such employees or retirees. See N.Y. Insurance Law 4702
(b) No part of any funds of the municipal cooperative health benefit plan shall be subject to the claims of general creditors of any participating municipal corporation until all plan benefits and other plan obligations have been satisfied.
(c) The superintendent may maintain a proceeding under article seventy-four of this chapter to rehabilitate or liquidate the business of a municipal cooperative health benefit plan, which shall be considered an insurer for such purpose under section seven thousand four hundred one of this chapter.