§ 173 — Contract for long term care insurance

§ 173. Contract for long term care insurance. 1. The president is\nhereby authorized and directed to purchase a contract or contracts to\nprovide long term care benefits under the long term care insurance plan\nestablished in accordance with the provisions of this article. Such long\nterm care contract or contracts shall be purchased from one or more\ncorporations authorized under section one thousand one hundred seventeen\nof the insurance law to issue long term care insurance contracts in this\nstate.\n 2. A reasonable time before entering into any long term care insurance\ncontract or contracts hereunder, the president shall invite proposals\nfrom such qualified insurers as in his or her opinion would desire to\naccept any part of the long term care insurance coverage authorized by\nthis article.\n 3. The president may designate one or more of such corporations as\ninsurers from which employees may select to provide long term care\ninsurance.\n 4. Each employee who is covered under any such long term care\ninsurance contract or contracts shall receive a certificate setting\nforth the benefits to which the employee and his or her dependents are\nentitled thereunder, to whom such benefits shall be payable, to whom\nclaims should be submitted, and summarizing the provisions of the\ncontract principally affecting the employee and his or her dependents.\n 5. The president may, at the end of any fiscal year, discontinue any\nlong term care insurance contract or contracts he or she has purchased\nfrom any corporation or corporations; provided, however, nothing in this\narticle nor in any regulations promulgated hereunder shall affect or\nimpair any employees' continuation of coverage or conversion rights with\nrespect to long term care insurance as defined in the regulations of the\nNew York state department of financial services.\n