NY A06305

Creates the New York Health Insurance Consumer Protection Security Fund to protect consumers when health insurers become financially impaired or insolvent and cannot meet contractual obligations

Funds the guaranty fund through assessments on health insurers based on their premiums received in New York, excluding Medicaid premiums, with assessment levels set to fully pay unpaid claims of impaired insurers

Requires full payment to healthcare providers or indemnity payments to covered individuals within 30 days of rehabilitation proceedings being initiated for pre-existing claims, and within 30 days of receipt for claims after proceedings begin

Authorizes the Director of the Budget to transfer funds from the general fund if needed to meet payment obligations, with repayment required once assessments are collected

Prohibits health insurers from passing assessment costs on to consumers through increased premiums