{"jurisdiction": "us-ny", "code": "cplr", "section": "5049", "citation": "CPLR § 5049", "heading": "Duties of superintendent of financial services", "text": ["§ 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."], "official_source": "https://www.nysenate.gov/legislation/laws/CVP/5049", "from_official_api": true, "plain_english": "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**. ★\n\n---\n\n**★ Exam hits:**\n- **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).\n- **4% annual step-up:** first year = remaining future damages ÷ years; each later year adds **4%**. Present value uses the **discount rate at the award**.\n- **Pain-and-suffering** periodic payments run **10 years or the jury's period, whichever is less** (§ 5041(e)).\n- **Security = an annuity contract** from a **qualified insurer**, approved by the **Superintendent of Financial Services** and the court; **post within 30 days** (§§ 5042–5043).\n- **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).\n- **Death of creditor:** medical/non-economic future installments **terminate**; **future-earnings** portion continues to those owed support, else into the estate (§ 5045).\n- **Assignment of payments is limited to** support, health care, and litigation attorney's fees (§ 5048).\n- Article 50-B = personal injury/property/wrongful death; its twin **Article 50-A** = medical malpractice.\n\n\n---\n*Verbatim statute:* [[CPLR - Article 50-b]]", "retrieved": "2026-09-27", "url": "https://elyphived.com/us-ny/cplr/5049", "publisher": "Elyphived LLC"}