NY Pub Health L § 2999-I (2021)
2021 New York Laws PBH - Public Health Article 29-D - Health Information and Quality Improvement Title 4 - 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 commissioner,  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 in consultation with 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 commissioner  or  his  or her designee in accordance with the provisions of this article.  (b)  The  commissioner  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 assign and the commissioner is authorized to receive assignment  of  any  and  all  contracts  entered  into  by  the superintendent  of financial services to administer the fund for periods prior to October first, two thousand nineteen.  (d) The department shall post on its  website  information  about  the fund and the process for enrollment in the fund.   3. The expense of administering the fund 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  or the commissioner, whoever is administering the fund for the applicable period 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 commissioner 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  in  accordance  with  subdivision seven  of  this  section.  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;  (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.  (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.