N.Y. Comp. Codes R. & Regs. tit. 11 § 73.4

Current through Register Vol. 46, No. 19, May 8, 2024

Section 73.4 - Terms and conditions of medical malpractice policies other than for physicians

In addition to the requirements contained in section 73.3 of this Part, except subdivisions (f) through (g) of such section, all claims-made medical malpractice policies, other than for physicians, issued or renewed in this State, shall meet the following minimum requirements:

(a) Upon termination of coverage, an insurer must offer the insured an extended reporting period providing coverage for an unlimited time period.

(b) Upon termination of coverage, an insurer shall provide the extended reporting period coverage required by subdivision (a) of this section, without charging an additional premium, if, while covered by the policy, the insured:

(1) dies;

(2) becomes permanently disabled and is unable to carry out his or her practice; or

(3) retires permanently and totally from practice after attaining the age of 65 or older and has been insured on a claims-made basis with the same insurer for a period of five or more consecutive years.

(c) Upon termination of coverage, a policy issued to a person must provide, to a hospital whose facilities are used by such person, extended reporting period coverage, as required by subdivision (a) of this section, to protect the interests of such hospital, if such person does not purchase extended reporting period coverage. The insurer shall not charge the hospital a premium for such coverage.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 73.4