§ 4713 — Plan dissolution

§ 4713. Plan dissolution. (a) In any case in which the governing board\nof a municipal cooperative health benefit plan determines that there is\nreason to believe that the plan will terminate, the governing board\nshall so inform the superintendent and submit a plan for the\nsuperintendent's approval for winding up the plan's affairs in an\norderly manner designed to result in timely payment of all benefits, in\nsuch form and manner as the superintendent may prescribe.\n (b) No part of any funds of the municipal cooperative health benefit\nplan shall be subject to the claims of general creditors of any\nparticipating municipal corporation until all plan benefits and other\nplan obligations have been satisfied.\n (c) The superintendent may maintain a proceeding under article\nseventy-four of this chapter to rehabilitate or liquidate the business\nof a municipal cooperative health benefit plan, which shall be\nconsidered an insurer for such purpose under section seven thousand four\nhundred one of this chapter.\n