NY A09604

Amends insurance law to require student health plan funds be accounted for separately from other institutional assets, liabilities, income, and expenses until all plan benefits and obligations are satisfied.

Institutions must continue maintaining and funding reserve funds required under existing law until plan obligations are completely satisfied.

Reduces the timeframe for depositing additional reserve funds from thirty days to five days when the superintendent determines additional funds are needed.

After twenty-four months (or longer if the superintendent deems necessary), institutions may stop maintaining restricted reserve fund accounts once all plan obligations are satisfied and the superintendent approves.

Takes effect immediately upon enactment.