NY Ins L § 5517-A (2021)
2021 New York Laws ISC - Insurance Article 55 - Medical Malpractice Insurance Association 5517-A - Return of Association Premium.

§  5517-a.  Return  of  association premium.   (a) Notwithstanding any inconsistent provision of this chapter or any other law to the contrary, if the superintendent determines, for policies  of  excess  coverage  or equivalent  excess  coverage  issued by the association and purchased on behalf of eligible participating physicians and dentists, that the rates established pursuant to subdivision one of section forty of chapter  two hundred  sixty-six  of  the  laws  of  nineteen  hundred  eighty-six, as amended, have produced premium amounts greater than required to  satisfy the  standard  that premiums shall be fixed at the lowest possible rates consistent with the maintenance of solvency and of  reasonable  reserves and   surplus   therefor,  then  the  superintendent  shall  direct  the association and all officers  and  directors  of  the  association  with responsibility  for custody or investment of the association's assets to return a portion of such premium to the purchaser in an amount not  less than  the  estimated  cost of all premiums necessary for the purchase of excess  or  equivalent  excess  coverage  for   eligible   participating physicians and dentists for the policy year July first, nineteen hundred ninety-seven  to  June thirtieth, nineteen hundred ninety-eight, for the policy year July first, nineteen hundred ninety-eight to June thirtieth, nineteen hundred ninety-nine, for the policy year July  first,  nineteen hundred  ninety-nine  to  June  thirtieth,  two  thousand,  and  if  the superintendent deems it necessary, for the policy year July  first,  two thousand   to  June  thirtieth,  two  thousand  one,  and  the  cost  of administering the hospital excess liability  pool  for  such  applicable policy  year.  Following  such  determination,  the superintendent shall deliver to the  association  a  schedule  providing  payment  in  twelve monthly  installments  for the return of such premium due for the policy year July  first,  nineteen  hundred  ninety-seven  to  June  thirtieth, nineteen  hundred  ninety-eight, no later than September first, nineteen hundred ninety-seven, for the return of such premium due for the  policy year  July  first,  nineteen  hundred  ninety-eight  to  June thirtieth, nineteen hundred ninety-nine, no later than  September  first,  nineteen hundred  ninety-eight,  and  for  the return of such premium due for the policy year July first, nineteen hundred ninety-nine to June  thirtieth, two   thousand,   no   later  than  September  first,  nineteen  hundred ninety-nine and for the policy year July first,  two  thousand  to  June thirtieth,  two  thousand  one,  no  later  than  September  first,  two thousand. Payment to the purchaser for the policy  year  shall  be  made prior  to  the end of the applicable policy year. Upon the association's receipt of notice of such determination and delivery of  such  schedule, the  association  and all officers and directors of the association with responsibility for custody or investment of the association's assets are hereby authorized and directed to return the  portion  of  such  premium amounts  to  the  purchaser  according to such schedule. For policies of excess or  equivalent  excess  coverage  provided  pursuant  to  section eighteen  of  chapter  two  hundred  sixty-six  of  the laws of nineteen hundred eighty-six, as  amended,  the  hospital  excess  liability  pool created pursuant to subdivision five of section eighteen of such chapter shall  be  deemed  to  be  the  purchaser. The premium levels for excess coverage established by the superintendent shall,  for  the  purpose  of determining  any  projected  deficiency  as  the  basis  for  imposing a surcharge pursuant to subdivision one of section forty of  such  chapter as  amended,  be modified to reflect any such return of premium directed by the superintendent.  (b) Notwithstanding any other provision of law, no  director,  officer or  employee  of  the  association,  nor the association, nor any public officer or employee, nor  any  actuary,  attorney,  or  advisor  to  the association or to the superintendent shall incur or suffer any liability  whatsoever  to  any  person  by reason of actions taken pursuant to this section. Any action which could have been brought against such director, officer or employee, or against such  public  officer  or  employee,  or against  such  actuary, attorney or advisor, or against the association, but for the provisions of this section, shall  be  brought  against  the state.