New York A 10773: Authorizes residential cooperative corporations to offer health insurance

Bill Text

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A10773 Summary:

BILL NOA10773A

&nbsp

SAME ASSAME AS S10220

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SPONSORLee

&nbsp

COSPNSR

&nbsp

MLTSPNSR

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Amd §§4235 & 1101, Ins L

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Authorizes residential cooperative corporations to offer health insurance.

Go to top A10773 Actions:

BILL NOA10773A

&nbsp

04/01/2026referred to insurance

05/07/2026amend (t) and recommit to insurance

05/07/2026print number 10773a

Go to topA10773 Committee&nbspVotes:

Go to topA10773 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA10773 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10773--A

 IN ASSEMBLY

 April 1, 2026
 ___________

 Introduced by M. of A. LEE -- read once and referred to the Committee on
 Insurance -- committee discharged, bill amended, ordered reprinted as
 amended and recommitted to said committee

 AN ACT to amend the insurance law, in relation to authorizing residen-
 tial cooperative corporations to offer health insurance

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Paragraph 1 of subsection (c) of section 4235 of the insur-
 2 ance law is amended by adding a new subparagraph (O) to read as follows:
 3 (O) A policy issued to a residential cooperative corporation organized
 4 under the business corporation law or cooperative corporations law of
 5 the state of New York, for the benefit of its shareholders and their
 6 dependents, provided that:
 7 (i) The cooperative has been in active existence for not less than two
 8 years prior to the issuance of such policy;
 9 (ii) The cooperative is not formed or maintained solely for the
 10 purpose of obtaining insurance; and
 11 (iii) The policy is issued by an insurer authorized to do the business
 12 of accident and health insurance in this state.
 13 § 2. Subsection (b) of section 1101 of the insurance law is amended by
 14 adding a new paragraph 9 to read as follows:
 15 (9) Notwithstanding the foregoing, a residential cooperative corpo-
 16 ration that contracts with an authorized insurer to provide group acci-
 17 dent and health insurance to its members and their dependents pursuant
 18 to subparagraph (O) of paragraph one of subsection (c) of section four
 19 thousand two hundred thirty-five of this chapter shall not be deemed to
 20 be doing an insurance business solely by reason of sponsoring such
 21 coverage.
 22 § 3. The superintendent of financial services shall promulgate such
 23 rules and regulations as may be necessary to implement the provisions of
 24 this act, including but not limited to standards relating to solvency
 25 protection, nondiscrimination, disclosure of benefits, and reporting
 26 requirements applicable to residential cooperative health groups.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD13943-05-6

 A. 10773--A 2

 1 § 4. This act shall take effect on the one hundred eightieth day after
 2 it shall have become a law. Effective immediately, the addition, amend-
 3 ment and/or repeal of any rule or regulation necessary for the implemen-
 4 tation of this act on its effective date are authorized to be made and
 5 completed on or before such date.

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