2023 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.