NY A09519

Imposes a tax of 9.63% on dividends, funds, and payments from commercial health insurance programs that domestic insurers transfer, distribute, or loan to out-of-state entities within their holding company system, effective April 1, 2022.

Exempts payments for services performed under reinsurance treaties or service agreements from the tax, and applies the tax only to initial transfers to out-of-state entities, not to subsequent shareholder distributions.

Requires domestic insurers to report all taxable payments, transfers, distributions, and loans to the superintendent in the prescribed manner and form.

Directs all collected taxes to be deposited into the New York State Agency Trust Fund's Distressed Provider Assistance Account.

Applies the new tax to health maintenance organizations domiciled in New York that are certified or operating in at least one other state, in addition to traditional accident and health insurance companies.