N.Y. Insurance Law § 4712: Suspension or revocation of certificate of authority

§ 4712. Suspension or revocation of certificate of authority. (a) The

superintendent may suspend or revoke a certificate of authority issued

to a municipal cooperative health benefit plan under the following

circumstances:

(1) for any cause that would be a basis for denial of an initial

application for such a certificate, provided that the superintendent

shall not suspend or revoke such certificate solely due to the size or

composition of the plan unless the plan ceases to cover a minimum of

three hundred fifty employees and retirees; or

(2) failure to maintain the reserves and surplus required by section

four thousand seven hundred six of this article, provided that the

superintendent shall not suspend or revoke such certificate if the plan

has implemented a remediation plan acceptable to the superintendent; or

(3) the superintendent finds that the municipal cooperative health

benefit plan has refused to produce its accounts, records, and files for

examination or any member of the governing board of the municipal

cooperative health benefit plan has refused to cooperate or give

information with respect to the affairs of the plan or to perform any

other legal obligation relating to such an examination when required by

the superintendent.

(b) In the case of suspension or revocation of a certificate of

authority, the superintendent shall send a copy of such decision to the

governing board of the municipal cooperative health benefit plan by

certified mail at the plan's address. Upon the request of the governing

board, or any party that would be prejudiced by the suspension or

revocation, filed within sixty days of the mailing of the

superintendent's decision, the superintendent shall schedule a hearing

on such decision by written notice, sent by certified mail to the

governing board or party requesting the hearing. Such notice shall set

forth a specific date, time and place for the hearing, which shall

commence within sixty days of the mailing of the notice.

(c) Any certificate of authority suspended or revoked under this

section shall be surrendered to the superintendent, and the plan's

governing board shall notify all participating municipal corporations of

that decision in such form and manner as the superintendent may

prescribe, not later than ten days after receipt of notice of the

superintendent's decision requiring suspension or revocation.

(d) The superintendent shall publish all final decisions to suspend or

revoke the certificate of authority in regard to a municipal cooperative

health benefit plan.