{"jurisdiction": "us-ny", "code": "cplr", "section": "5039", "citation": "CPLR § 5039", "heading": "Duties of superintendent of financial services", "text": ["§ 5039. Duties of superintendent of financial services. The superintendent of financial services shall establish rules and procedures for determining which insurers, self-insurers, plans or arrangements are financially qualified to provide the security required under this article and to be designated as qualified insurers."], "official_source": "https://www.nysenate.gov/legislation/laws/CVP/5039", "from_official_api": true, "plain_english": "The **superintendent of financial services** sets the rules and procedures deciding which insurers/self-insurers/plans are **financially qualified** to provide the security and be designated **qualified insurers**.\n\n---\n\n**★ Exam hits:**\n- Applies to **medical, dental, and podiatric malpractice** (and wrongful death from it). Personal-injury/other cases use the parallel **Article 50-b**.\n- **$500,000** is the future-pain-and-suffering threshold: **≤ $500k → lump sum**; over it → upfront lump sum of the **greater of 35% or $500,000**, rest streamed.\n- **Future pain & suffering stream is capped at 8 years**; each year grows **4%** over the prior year.\n- **Future economic/pecuniary damages: 35%** of present value paid upfront, rest as an annuity; **permanent** items run for the plaintiff's **whole life**, **lost earnings** run the full jury term.\n- **Discount rate = 10-year U.S. Treasury Bond rate on the verdict date** (add **2 points** for the portion beyond 20 years).\n- Deduction order under (f): **set-offs → litigation expenses → attorney's fees → liens.**\n- Security **must be an annuity** (§ 5032); post it **within 30 days** (§ 5033) or risk owing the **full lump sum**.\n- **Miss a payment → creditor can demand all remaining payments, totaled WITHOUT present-value discounting** (§ 5034).\n- Assignments allowed **only** for support, health care, or attorney's fees/expenses (§ 5038).\n\n\n---\n*Verbatim statute:* [[CPLR - Article 50-a]]", "retrieved": "2026-09-27", "url": "https://elyphived.com/us-ny/cplr/5039", "publisher": "Elyphived LLC"}