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NY Governor’s budget includes proposal to expand Life Insurance Company Guaranty Corporation to health insurance

March 14, 2023

Via: JD Supra

New York Senate Bill 4007 and Assembly Bill 3007, which represent Governor Kathy Hochul’s state budget proposal, include provisions to amend Article 77 of the New York Insurance Law, the Life Insurance Company Guaranty Corporation of New York Act, to add coverage for health insurance, including long term care insurance and disability income insurance policies and group certificates, issued in New York by health insurers (including HMOs) and property/casualty insurers. Although health insurance is covered by the Life Insurance Company Guaranty Corporation if written by a life insurer, New York does not currently have guaranty association coverage for health insurance policies written by health insurers or by property/casualty insurers under their accident and health authority.

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