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NY S06960
Bill
Status
9/23/2014
Primary Sponsor
James Seward
Click for details
AI Summary
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Allows insurers to satisfy conversion coverage requirements through affiliated companies within their holding company system, subject to superintendent approval after considering public interest
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Permits health maintenance organizations and other holding company affiliates to issue individual and group conversion policies at each coverage level defined by the Affordable Care Act
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Applies to conversion requirements in family policies (section 3216), group policies (section 3221), health maintenance organization discontinuances (section 4304), and group contract terminations (section 4305)
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Requires superintendent approval for each affiliate arrangement, with consideration given to public interest protections
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Takes effect immediately upon enactment
Legislative Description
Allows for the use of an affiliate company to meet certain obligations of an insurer, including issuing replacement coverage in the case of a class discontinuance of individual coverage and issuing individual conversion coverage.
Last Action
SIGNED CHAP.388
9/23/2014