§ 5049. 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.
The Superintendent of Financial Services sets the rules and procedures for deciding which insurers/self-insurers/plans are financially qualified to provide Article 50-B security and be designated as qualified insurers. ★
★ Exam hits:
Lump sum for: past damages + future damages up to $250,000 + attorney's fees/expenses; future damages over $250,000 go into an annuity paid periodically (§ 5041).
4% annual step-up: first year = remaining future damages ÷ years; each later year adds 4%. Present value uses the discount rate at the award.
Pain-and-suffering periodic payments run 10 years or the jury's period, whichever is less (§ 5041(e)).
Security = an annuity contract from a qualified insurer, approved by the Superintendent of Financial Services and the court; post within 30 days (§§ 5042–5043).
Fail to post security or default on a payment → lump-sum acceleration. On default (§ 5044) the remaining payments are totaled and NOT discounted to present value (plus possible interest).
Death of creditor: medical/non-economic future installments terminate; future-earnings portion continues to those owed support, else into the estate (§ 5045).
Assignment of payments is limited to support, health care, and litigation attorney's fees (§ 5048).
Article 50-B = personal injury/property/wrongful death; its twin Article 50-A = medical malpractice.
Verbatim statute: CPLR - Article 50-b
Marked in the text: penalties, time limits, sums of money. Editorial emphasis added by this edition; it does not appear in the statute as enacted.
In print
This provision appears in Volume 2 — The JG-22 CPLR and in Volume 1 — The JG-22 in Plain English.