Insurance Law 4713 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 4712 Suspension or revocation of certificate of authority up ARTICLE 47 Municipal Cooperative Health Benefit Plans next SECTION 4714 Transition Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 4713 Plan dissolution Insurance (ISC) CHAPTER 28, ARTICLE 47 § 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. (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.