N.Y. Insurance Law § 4713: Plan dissolution

§ 4713. Plan dissolution. (a) In any case in which the governing board

of a municipal cooperative health benefit plan determines that there is

reason to believe that the plan will terminate, the governing board

shall so inform the superintendent and submit a plan for the

superintendent's approval for winding up the plan's affairs in an

orderly manner designed to result in timely payment of all benefits, in

such form and manner as the superintendent may prescribe.

(b) No part of any funds of the municipal cooperative health benefit

plan shall be subject to the claims of general creditors of any

participating municipal corporation until all plan benefits and other

plan obligations have been satisfied.

(c) The superintendent may maintain a proceeding under article

seventy-four of this chapter to rehabilitate or liquidate the business

of a municipal cooperative health benefit plan, which shall be

considered an insurer for such purpose under section seven thousand four

hundred one of this chapter.