Insurance Law 5516-F — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 5516-D Further transfer of association funds up ARTICLE 55 Medical Malpractice Insurance Association next SECTION 5517 Transfer of association funds; reinsurance evaluation Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 5516-F Further transfer of moneys of the association Insurance (ISC) CHAPTER 28, ARTICLE 55 § 5516-f. Further transfer of moneys of the association. (a) Notwithstanding any other provision of law, the association and all officers and directors with responsibility for custody or investment of the association's assets are authorized and directed to further transfer and deposit two hundred fifty million dollars to the miscellaneous special revenue fund on or before September thirtieth, nineteen hundred ninety-nine. (b) Notwithstanding any other provision of law, the association and all officers and directors with responsibility for custody or investment of the association's assets are authorized and directed to further transfer and deposit all revenues generated pursuant to the association's dissolution pursuant to paragraph two of subsection (c) of section five thousand five hundred two of this article to the miscellaneous special revenue fund on or before December thirtieth, two thousand. (c) Notwithstanding any other provision of law, no director, officer or employee of the association, nor the association, nor any public officer or employee, nor any actuary, attorney, or advisor to the association or to the superintendent shall incur or suffer any liability whatsoever to any person by reason of actions taken pursuant to authorizations or directions of the provisions of subsections (a) or (b) of this section pursuant to which any of the moneys of the association are transferred to the miscellaneous special revenue fund. Any action which could have been brought against any of the persons or parties or entities noted herein, but for the provisions of this section, shall be brought against the state.