NY A04341

Imposes a tax on health maintenance organizations (HMOs) authorized to operate in New York at a rate between 0.5% and 1% of reported profits each fiscal year, with the Commissioner and Superintendent of Insurance to establish implementing rules and regulations

Establishes the Medical Malpractice Relief Fund as a special revenue fund under joint custody of the State Comptroller and Commissioner of Taxation and Finance to receive all HMO tax revenue

Requires fund moneys to be kept separate from other state funds and, following legislative appropriation, expended by the Superintendent of Insurance to reduce medical malpractice insurance costs for healthcare practitioners

Takes effect April 1, 2014, with regulatory authority to implement the act immediately