New York Senate Bill S01052 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 1052 2023-2024 Regular Sessions  IN SENATE January 9, 2023 ___________ Introduced by Sen. COONEY -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance AN ACT in relation to requiring a review and report on the adequacy, reasonableness and affordability of insurance products designed to pay for the future medical expenses of injured plaintiffs who receive a judgment or settlement for damages that include future medical expenses; and providing for the repeal of such provisions upon expira- tion thereof The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The legislature hereby finds that the costs of medical 2 malpractice payouts are significant for the defendant medical profes- 3 sionals, medical groups and hospitals responsible for these payouts to 4 successful plaintiffs. The COVID-19 outbreak highlighted the essential 5 role these health care providers play in New York state's protection of 6 the health and welfare of its residents. One component of the medical 7 malpractice lawsuit payouts that are extremely costly are future medical 8 expenses for the injured plaintiff. The tremendous financial impact upon 9 the health care community due to the ongoing and growing costs of 10 medical malpractice payouts highlights the need to examine the possibil- 11 ity of the current market for insurance products such as annuities to 12 lessen the tremendous financial burden of these payouts on the vital 13 health care services the New York health care community provides to all 14 New Yorkers. 15 § 2. The superintendent of financial services shall, in consultation 16 with the office of court administration, review and report on the 17 adequacy, reasonableness and affordability of insurance products 18 designed to pay for the future medical expenses of injured plaintiffs 19 who receive a judgment or settlement for damages that include future 20 medical expenses. Such report shall include but not be limited to: EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02694-01-3 
 S. 1052 2 1 (a) the present state of the marketplace regarding insurance products, 2 including but not limited to annuities, that could be purchased by 3 defendants to satisfy the future medical expenses incurred by plaintiffs 4 who receive either a judgment or settlement for future medical expenses 5 damages; 6 (b) the experience of states and jurisdictions as far as such insur- 7 ance products and any laws either allowing or requiring defendants to 8 purchase such insurance products to satisfy the future medical expenses 9 portion of a judgment or settlement; and 10 (c) recommendations to promote reasonable, adequate and cost-effective 11 insurance products available for defendants to purchase such products. 12 § 3. Within two hundred seventy days of the effective date of this 13 act, the superintendent of financial services shall submit such report 14 to the governor, the temporary president of the senate, and the speaker 15 of the assembly. 16 § 4. This act shall take effect immediately and shall expire and be 17 deemed repealed on the sixtieth day after the submission of the report 18 required by section three of this act; provided that the superintendent 19 of financial services shall notify the legislative bill drafting commis- 20 sion upon the submission of the report required by section three of this 21 act in order that the commission may maintain an accurate and timely 22 effective data base of the official text of the laws of the state of New 23 York in furtherance of effectuating the provisions of section 44 of the 24 legislative law and section 70-b of the public officers law.