§ 5516-F — Further transfer of moneys of the association

New York § 5516-F

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 55: Medical Malpractice Insurance Association

Text

§ 5516-f. Further transfer of moneys of the association. (a)\nNotwithstanding any other provision of law, the association and all\nofficers and directors with responsibility for custody or investment of\nthe association's assets are authorized and directed to further transfer\nand deposit two hundred fifty million dollars to the miscellaneous\nspecial revenue fund on or before September thirtieth, nineteen hundred\nninety-nine.\n (b) Notwithstanding any other provision of law, the association and\nall officers and directors with responsibility for custody or investment\nof the association's assets are authorized and directed to further\ntransfer and deposit all revenues generated pursuant to the\nassociation's dissolution pursuant to paragraph two of subsection (c) of\nsection five thousand five hundred two of this article to the\nmiscellaneous special revenue fund on or before December thirtieth, two\nthousand.\n (c) Notwithstanding any other provision of law, no director, officer\nor employee of the association, nor the association, nor any public\nofficer or employee, nor any actuary, attorney, or advisor to the\nassociation or to the superintendent shall incur or suffer any liability\nwhatsoever to any person by reason of actions taken pursuant to\nauthorizations or directions of the provisions of subsections (a) or (b)\nof this section pursuant to which any of the moneys of the association\nare transferred to the miscellaneous special revenue fund. Any action\nwhich could have been brought against any of the persons or parties or\nentities noted herein, but for the provisions of this section, shall be\nbrought against the state.\n