N.Y. Comp. Codes R. & Regs. tit. 11 § 73.6

Current through Register Vol. 46, No. 51, December 18, 2024

Section 73.6 - Intercompany transfer mechanism for medical malpractice policies for physicians

(a) If claims-made coverage of an insured physician who continues to practice in this State is transferred from an authorized insurer to another authorized insurer without any gap in coverage, the former entity shall pay over to the successor an actuarially appropriate dollar amount to provide for the requirements of section 73.5 of this Part, and the insured shall be entitled to the benefits of such section as if such insured had been continuously covered by the successor entity during the entire period of consecutive years of coverage.

(b) If claims-made coverage of an insured physician is transferred from an insurer in liquidation to an authorized insurer not in liquidation without any gap in coverage, then the successor entity shall accept the amounts payable from the property/casualty insurance security fund as provided in Insurance Law, section 7603(a)(1)(G), to provide for the requirements of section 73.5 of this Part and subdivision (a) of this section, and the insured shall be entitled to such benefits as if such insured had been continuously covered by the successor entity during the entire period of consecutive years of coverage.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 73.6