2014 New York Laws
PBH - Public Health
Article 29-D - HEALTH INFORMATION AND QUALITY IMPROVEMENT
Title 4 - (2999-G - 2999-J) NEW YORK STATE MEDICAL INDEMNITY FUND
2999-I - Custody and administration of the fund.

  2999-i.  Custody  and  administration  of  the  fund.    1. (a) The
  commissioner of taxation and finance shall be the custodian of the  fund
  and the special account established pursuant to section ninety-nine-t of
  the  state  finance law. All payments from the fund shall be made by the
  commissioner of taxation and finance upon  certificates  signed  by  the
  superintendent  of  financial  services,  or  his  or  her  designee, as
  hereinafter provided. The fund shall be  separate  and  apart  from  any
  other  fund  and  from  all  other state monies; provided, however, that
  monies of the fund may be invested as set forth in paragraph (b) of this
  subdivision. No monies from the fund shall be transferred to  any  other
  fund,  nor shall any such monies be applied to the making of any payment
  for any purpose other than the purpose set forth in this title.
(b) Any monies of the fund not required for immediate use may, at  the
  discretion  of  the  commissioner  of financial services in consultation
  with the commissioner of health and  the  director  of  the  budget,  be
  invested  by  the commissioner of taxation and finance in obligations of
  the United States or the state or obligations the principal and interest
  of which are guaranteed by the United States or the state. The  proceeds
  of  any  such  investment  shall be retained by the fund as assets to be
  used for the purposes of the fund.
2. (a) The  fund  shall  be  administered  by  the  superintendent  of
  financial  services  or  his  or  her  designee  in  accordance with the
  provisions of this article.
(b) The superintendent of financial services  shall  have  all  powers
  necessary and proper to carry out the purposes of the fund.
(c)  Notwithstanding  any contrary provision of this section, sections
  one hundred twelve and one hundred sixty-three of the state finance  law
  or  any other contrary provision of law, the superintendent of financial
  services is authorized to enter into a contract or contracts  without  a
  competitive  bid  or  request  for  proposal  process  for  purposes  of
  administering the fund for the  first  year  of  its  operation  and  in
  preparation therefor.
(d) The department of financial services and the department shall post
  on their websites information about the fund, eligibility for enrollment
  in the fund, and the process for enrollment in the fund.
3.  The  expense  of  administering  the  fund, including the expenses
  incurred by the department, shall be paid from the fund.
4. Monies for the fund will be provided pursuant to this chapter.
5. For the state fiscal  year  beginning  April  first,  two  thousand
  eleven  and  ending  March  thirty-first, two thousand twelve, the state
  fiscal year beginning April first, two thousand twelve and ending  March
  thirty-first, two thousand thirteen, and the state fiscal year beginning
  April  first,  two  thousand thirteen and ending March thirty-first, two
  thousand fourteen, the superintendent of financial services shall  cause
  to  be  deposited  into  the  fund  for each such fiscal year the amount
  appropriated for such  purpose.  Beginning  April  first,  two  thousand
  fourteen  and  annually  thereafter,  the  superintendent  of  financial
  services shall cause to be deposited into the fund, subject to available
  appropriations, an amount equal to the  difference  between  the  amount
  appropriated  to  the fund in the preceding fiscal year, as increased by
  the adjustment factor defined in subdivision seven of this section,  and
  the assets of the fund at the conclusion of that fiscal year.
6.  (a)  Following  the deposit referenced in subdivision five of this
  section, the superintendent  of  financial  services  shall  conduct  an
  actuarial  calculation  of the estimated liabilities of the fund for the
  coming year resulting from the  qualified  plaintiffs  enrolled  in  the
  fund. The administrator shall from time to time adjust such calculation.
  If  the  total of all estimates of current liabilities equals or exceeds

  eighty percent of the fund's assets, then the fund shall not accept  any
  new   enrollments  until  a  new  deposit  has  been  made  pursuant  to
  subdivision five of this section. When, as a result of such new deposit,
  the  fund's  liabilities  no  longer exceed eighty percent of the fund's
  assets, the fund administrator shall enroll new qualified plaintiffs  in
  the  order  that  an  application  for  enrollment has been submitted in
  accordance  with  subdivision  seven  of  section  twenty-nine   hundred
  ninety-nine-j of this title.
(b) Whenever enrollment is suspended pursuant to paragraph (a) of this
  subdivision  and  until such time as enrollment resumes pursuant to such
  paragraph: (i) notice of such suspension shall be promptly posted on the
  department's website and on the website of the department  of  financial
  services;  (ii)  the  fund administrator shall deny each application for
  enrollment that had been received but not accepted prior to the date  of
  suspension  and  each application for enrollment received after the date
  of such suspension; and (iii) notification of each such denial shall  be
  made to the plaintiff or claimant or persons authorized to act on behalf
  of  such  plaintiff  or  claimant  and  all defendants in regard to such
  plaintiff or claimant,  to  the  extent  they  are  known  to  the  fund
  administrator. Judgments and settlements for plaintiffs or claimants for
  whom  applications  are  denied  under  this  paragraph  or  who are not
  eligible for enrollment due to suspension pursuant to paragraph  (a)  of
  this  subdivision  shall  be  satisfied  as  if  this title had not been
  enacted.
(c) Following a suspension, whenever enrollment  resumes  pursuant  to
  paragraph  (a)  of  this subdivision, notice that enrollment has resumed
  shall be promptly posted on the department's website and on the  website
  of the department of financial services.
(d)  The  suspension  of  enrollment pursuant to paragraph (a) of this
  subdivision shall not impact payment under the fund  for  any  qualified
  plaintiffs already enrolled in the fund.
7.  For  purposes of this section, the adjustment factor referenced in
  this section shall be the ten year rolling average medical component  of
  the consumer price index as published by the United States department of
  labor, bureau of labor statistics, for the preceding ten years.