New York § 7436 Claims-made policies; special requirements

New York Statutes

§ 7436 — Claims-made policies; special requirements

New York § 7436

Law ISCInsurance

Art. 74Rehabilitation, Liquidation, Conservation and Dissolution of Insurers

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Bluebook

N.Y. Insurance § 7436 (2026).

Text

§ 7436. Claims-made policies; special requirements.

(a)Where a policy\nhas been issued on a claims-made basis by an insurer against which an\norder of liquidation, rehabilitation or conservation has been entered\npursuant to this article, the superintendent shall provide, at an\nappropriate additional premium by the insured and consistent with the\nterms of such policy, for the issuance of coverage for claims based on\noccurences prior to the termination of the policy which are reported\nafter the termination of the policy, in the event that the insured seeks\nto purchase such coverage in accordance with the terms of such policy.\n (b) If the order of liquidation, rehabilitation or conservation is\nentered against an insurer which has issued medical malpractice policies\non a claims-ma

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§ 7436. Claims-made policies; special requirements. (a) Where a policy\nhas been issued on a claims-made basis by an insurer against which an\norder of liquidation, rehabilitation or conservation has been entered\npursuant to this article, the superintendent shall provide, at an\nappropriate additional premium by the insured and consistent with the\nterms of such policy, for the issuance of coverage for claims based on\noccurences prior to the termination of the policy which are reported\nafter the termination of the policy, in the event that the insured seeks\nto purchase such coverage in accordance with the terms of such policy.\n (b) If the order of liquidation, rehabilitation or conservation is\nentered against an insurer which has issued medical malpractice policies\non a claims-made basis, then notwithstanding the entry of such order,\nthe superintendent shall comply with the requirements for claims-made\npolicies as set forth in subsections (b), (c) and (d) of section three\nthousand four hundred thirty-six of this chapter and paragraphs two,\nthree and four of subsection (f) of section five thousand five hundred\nfour of this chapter.\n (c) In the event that an insured, who has been issued a medical\nmalpractice policy on a claim-made basis by an insurer against which an\norder of liquidation has been entered pursuant to this article, chooses\nto purchase coverage from a successor insurer, the superintendent shall\nexpedite the transfer of coverage that has been accrued, for claims\nbased on occurrences prior to the termination of the policy which are\nreported after the termination of the policy, to the successor insurer\nof each insured, in accordance with the requirement for claims-made\npolicies as set forth in subsections (b), (c) and (d) of section three\nthousand four hundred thirty-six and paragraphs two, three and four of\nsubsection (f) of section five thousand five hundred four of this\nchapter.\n