Insurance Law 5503 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 5502 Medical malpractice insurance association up ARTICLE 55 Medical Malpractice Insurance Association next SECTION 5504 Policies Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 5503 Plan of operation Insurance (ISC) CHAPTER 28, ARTICLE 55 § 5503. Plan of operation. (a) The association shall operate in accordance with a plan of operation approved by the superintendent which provides for economic, fair and non-discriminatory administration and for the prompt and efficient provision of medical malpractice insurance. (b) The plan shall contain other provisions including but not limited to preliminary assessment of all members for initial expenses necessary to commence operations, establishment of necessary facilities, management of the association, assessment of members to defray losses and expenses, service charges, acceptance and cession of reinsurance, appointment of servicing carriers or other servicing arrangements and procedures for determining amounts of insurance to be provided by the association. (c) Amendments to the plan of operation may be made by the board of directors of the association, subject to the approval of the superintendent, or shall be made at the direction of the superintendent. (d) The association shall be subject to the provisions of this chapter applicable to property/casualty insurers in the conduct of its business, in order to provide for the fair treatment of policyholders and claimants. (e) The association shall make the lump sum payments provided for in subdivision (b) of section five thousand thirty-six of the civil practice law and rules and receive the periodic payments due under the annuity contract provided for therein.