* § 99-y. Health republic insurance of New York fund. 1. There is hereby established in the joint custody of the state comptroller and the superintendent of the department of financial services a special fund to be known as the "health republic insurance of New York fund".

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Terms Used In N.Y. State Finance Law 99-Y*2

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • 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.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.

2. (a) Such fund shall consist of transfers as authorized by the director of the budget, in his or her sole discretion, between April first, two thousand sixteen and March thirty-first, two thousand nineteen, from amounts collected as a result of a judgement, stipulation, decree, agreement to settle, assurance of discontinuance, or other legal instrument resolving any claim or cause of action, whether filed or unfiled, actual or potential, and whether arising under common law, equity, or any provision of law, and all other monies appropriated, credited, or transferred thereto from any other fund or source pursuant to law.

(b) Paragraph (a) of this subdivision shall not apply to: (i) moneys to be distributed to the federal government, to a local government, or to any holder of a bond or other debt instrument issued by the state, any public authority, or any public benefit corporation; (ii) moneys to be distributed solely or exclusively as a payment of damages or restitution to individuals or entities that were specifically injured or harmed by the defendant's or settling party's conduct and that are identified in, or can be identified by the terms of, the relevant judgment, agreement to settle, assurance of discontinuance, or relevant instrument resolving the claim or cause of action; (iii) moneys recovered or obtained by a state agency or a state official or employee acting in their official capacity where application of paragraph (a) of this subdivision is prohibited by federal law, rule, or regulation, or would result in the reduction or loss of federal funds or eligibility for federal benefits pursuant to federal law, rule, or regulation; (iv) moneys recovered or obtained by or on behalf of a public authority, a public benefit corporation, the department of taxation and finance, the workers' compensation board, the New York state higher education services corporation, the tobacco settlement financing corporation, a state or local retirement system, an employee health benefit program administered by the New York state department of civil service, the Title IV-D child support fund, the lottery prize fund, the abandoned property fund, or an endowment of the state university of New York or any unit thereof or any state agency, provided that all of the moneys received or recovered are immediately transferred to the relevant public authority, public benefit corporation, department, fund, program, or endowment; (v) moneys to be refunded to an individual or entity as (1) an overpayment of a tax, fine, penalty, fee, insurance premium, loan payment, charge or surcharge; (2) a return of seized assets; or (3) a payment made in error; and (vi) moneys to be used to prevent, abate, restore, mitigate, or control any identifiable instance of prior or ongoing water, land or air pollution.

3. Monies shall be paid out of this fund at the discretion of the superintendent of the department of financial services only pursuant to appropriation and the terms to be set forth in a future chapter of law.

4. Monies shall be paid out of this fund only after the distribution of all assets in connection with a liquidation proceeding of Health Republic Insurance of New York filed pursuant to Article 74 of the insurance law has been completed.

5. Monies shall be paid out of this fund on the audit and warrant of the state comptroller on vouchers certified or approved by the superintendent of the department of financial services.

* NB There are 3 § 99-y's