§ 4712 — Suspension or revocation of certificate of authority

§ 4712. Suspension or revocation of certificate of authority. (a) The\nsuperintendent may suspend or revoke a certificate of authority issued\nto a municipal cooperative health benefit plan under the following\ncircumstances:\n (1) for any cause that would be a basis for denial of an initial\napplication for such a certificate, provided that the superintendent\nshall not suspend or revoke such certificate solely due to the size or\ncomposition of the plan unless the plan ceases to cover a minimum of\nthree hundred fifty employees and retirees; or\n (2) failure to maintain the reserves and surplus required by section\nfour thousand seven hundred six of this article, provided that the\nsuperintendent shall not suspend or revoke such certificate if the plan\nhas implemented a remediation plan acceptable to the superintendent; or\n (3) the superintendent finds that the municipal cooperative health\nbenefit plan has refused to produce its accounts, records, and files for\nexamination or any member of the governing board of the municipal\ncooperative health benefit plan has refused to cooperate or give\ninformation with respect to the affairs of the plan or to perform any\nother legal obligation relating to such an examination when required by\nthe superintendent.\n (b) In the case of suspension or revocation of a certificate of\nauthority, the superintendent shall send a copy of such decision to the\ngoverning board of the municipal cooperative health benefit plan by\ncertified mail at the plan's address. Upon the request of the governing\nboard, or any party that would be prejudiced by the suspension or\nrevocation, filed within sixty days of the mailing of the\nsuperintendent's decision, the superintendent shall schedule a hearing\non such decision by written notice, sent by certified mail to the\ngoverning board or party requesting the hearing. Such notice shall set\nforth a specific date, time and place for the hearing, which shall\ncommence within sixty days of the mailing of the notice.\n (c) Any certificate of authority suspended or revoked under this\nsection shall be surrendered to the superintendent, and the plan's\ngoverning board shall notify all participating municipal corporations of\nthat decision in such form and manner as the superintendent may\nprescribe, not later than ten days after receipt of notice of the\nsuperintendent's decision requiring suspension or revocation.\n (d) The superintendent shall publish all final decisions to suspend or\nrevoke the certificate of authority in regard to a municipal cooperative\nhealth benefit plan.\n