New York § 4708 Contingent liability

New York Statutes

§ 4708 — Contingent liability

New York § 4708

Law ISCInsurance

Art. 47Municipal Cooperative Health Benefit Plans

This text of New York § 4708 (Contingent liability) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Insurance § 4708 (2026).

Text

§ 4708. Contingent liability.

(a)The municipal cooperation agreement\nand the plan document delivered to each participating municipal\ncorporation shall provide that every municipal corporation participating\nin the municipal cooperative health benefit plan shall be liable in the\nevent of an order issued pursuant to subsection (b) of this section for\nan assessment, in addition to the amount of premium equivalent paid or\npayable.\n (b) If the municipal cooperative health benefit plan does not have\nadmitted assets, as defined in section one hundred seven of this\nchapter, at least equal to the aggregate of its liabilities, reserves\nand minimum surplus required by this article, the governing board of\nsuch plan shall, within thirty days thereafter, order an assessment for\nthe amount

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§ 4708. Contingent liability. (a) The municipal cooperation agreement\nand the plan document delivered to each participating municipal\ncorporation shall provide that every municipal corporation participating\nin the municipal cooperative health benefit plan shall be liable in the\nevent of an order issued pursuant to subsection (b) of this section for\nan assessment, in addition to the amount of premium equivalent paid or\npayable.\n (b) If the municipal cooperative health benefit plan does not have\nadmitted assets, as defined in section one hundred seven of this\nchapter, at least equal to the aggregate of its liabilities, reserves\nand minimum surplus required by this article, the governing board of\nsuch plan shall, within thirty days thereafter, order an assessment for\nthe amount that will provide sufficient funds to remove such impairment\nand collect from each municipal corporation a pro rata share of such\nassessed amount.\n (c) Every municipal corporation that participated in the municipal\ncooperative health benefit plan at any time during the two-year period\nprior to the issuing of an assessment order by the plan's governing\nboard shall, if notified of such assessment, pay its pro rata share of\nsuch assessment within ninety days after the issuance of that assessment\norder.\n (d) A municipal corporation's pro rata share of any assessment shall\nbe determined by applying the ratio of the total assessment to the total\ncontributions or premium equivalents earned during the period covered by\nthe assessment on all municipal corporations subject to assessment to\nthe contribution or premium equivalent earned during such period\nattributable to such municipal corporation.\n (e) The contingent liability of municipal corporations for additional\npremium equivalents or assessments shall not be included as an asset in\nthe financial statements of the municipal cooperative health benefit\nplan.\n