New York governor Andrew Cuomo has signed legislation that protects the state’s small employer self-insurance marketplace for two more years.
On 26 December 2018, Cuomo signed legislation protecting the ability of New York-based employers with between 51 and 100 employees to purchase stop-loss insurance for another two years.
Uncertainty and potential prohibition have loomed over small employer stop-loss insurance in New York for the last several years.
The Self-Insurance Institute of America (SIIA) has been fighting to permanently protect the marketplace.
In 2016, a law was passed denying new stop-loss policies to employers with between 51 and 100 employees.
SIIA played an important role in guaranteeing a two-year grandfather period for existing stop-loss plans and in late 2018 was able to secure legislation that provided for a further five-year grandfathering extension.
However, the governor’s office refused to sign the legislation unless the period was reduced, and so a two-year extension was agreed.
A statement from SIIA noted: “This marks the fourth consecutive year that SIIA has been able to keep this marketplace open.”
“Unfortunately, a permanent fix remains elusive given powerful forces aligned against SIIA and its allies.”
