N.Y. Insurance Law § 7436: Claims-made policies; special requirements

§ 7436. Claims-made policies; special requirements. (a) Where a policy

has been issued on a claims-made basis by an insurer against which an

order of liquidation, rehabilitation or conservation has been entered

pursuant to this article, the superintendent shall provide, at an

appropriate additional premium by the insured and consistent with the

terms of such policy, for the issuance of coverage for claims based on

occurences prior to the termination of the policy which are reported

after the termination of the policy, in the event that the insured seeks

to purchase such coverage in accordance with the terms of such policy.

(b) If the order of liquidation, rehabilitation or conservation is

entered against an insurer which has issued medical malpractice policies

on a claims-made basis, then notwithstanding the entry of such order,

the superintendent shall comply with the requirements for claims-made

policies as set forth in subsections (b), (c) and (d) of section three

thousand four hundred thirty-six of this chapter and paragraphs two,

three and four of subsection (f) of section five thousand five hundred

four of this chapter.

(c) In the event that an insured, who has been issued a medical

malpractice policy on a claim-made basis by an insurer against which an

order of liquidation has been entered pursuant to this article, chooses

to purchase coverage from a successor insurer, the superintendent shall

expedite the transfer of coverage that has been accrued, for claims

based on occurrences prior to the termination of the policy which are

reported after the termination of the policy, to the successor insurer

of each insured, in accordance with the requirement for claims-made

policies as set forth in subsections (b), (c) and (d) of section three

thousand four hundred thirty-six and paragraphs two, three and four of

subsection (f) of section five thousand five hundred four of this

chapter.