New York § 5503 Plan of operation

New York Statutes

§ 5503 — Plan of operation

New York § 5503

Law ISCInsurance

Art. 55Medical Malpractice Insurance Association

This text of New York § 5503 (Plan of operation) 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 § 5503 (2026).

Text

§ 5503. Plan of operation.

(a)The association shall operate in\naccordance with a plan of operation approved by the superintendent which\nprovides for economic, fair and non-discriminatory administration and\nfor the prompt and efficient provision of medical malpractice insurance.\n (b) The plan shall contain other provisions including but not limited\nto preliminary assessment of all members for initial expenses necessary\nto commence operations, establishment of necessary facilities,\nmanagement of the association, assessment of members to defray losses\nand expenses, service charges, acceptance and cession of reinsurance,\nappointment of servicing carriers or other servicing arrangements and\nprocedures for determining amounts of insurance to be provided by the\nassociation.\n (c)

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§ 5503. Plan of operation. (a) The association shall operate in\naccordance with a plan of operation approved by the superintendent which\nprovides for economic, fair and non-discriminatory administration and\nfor the prompt and efficient provision of medical malpractice insurance.\n (b) The plan shall contain other provisions including but not limited\nto preliminary assessment of all members for initial expenses necessary\nto commence operations, establishment of necessary facilities,\nmanagement of the association, assessment of members to defray losses\nand expenses, service charges, acceptance and cession of reinsurance,\nappointment of servicing carriers or other servicing arrangements and\nprocedures for determining amounts of insurance to be provided by the\nassociation.\n (c) Amendments to the plan of operation may be made by the board of\ndirectors of the association, subject to the approval of the\nsuperintendent, or shall be made at the direction of the superintendent.\n (d) The association shall be subject to the provisions of this chapter\napplicable to property/casualty insurers in the conduct of its business,\nin order to provide for the fair treatment of policyholders and\nclaimants.\n (e) The association shall make the lump sum payments provided for in\nsubdivision (b) of section five thousand thirty-six of the civil\npractice law and rules and receive the periodic payments due under the\nannuity contract provided for therein.\n