§ 5517. Transfer of association funds; reinsurance evaluation. (a) In
the event that the association has not caused the transfer of certain
assets on or before May first, nineteen hundred ninety-two, pursuant to
the provisions of section fifty-five hundred sixteen of this article,
the board shall undertake an evaluation of the procurement of
reinsurance, upon so much of its book of business as is attributable to
policies of excess coverage or equivalent excess coverage purchased on
behalf of physicians and dentists, as is authorized by paragraph five of
subsection (e) of section fifty-five hundred two of this article,
specifically assessing the ability of any such reinsurance program to
yield such funds as are necessary to effectuate the transfer of assets,
in the form and amount provided for in section fifty-five hundred
sixteen of this article.

(b) Any such plan of reinsurance developed pursuant to the evaluation
undertaken pursuant to subsection (a) of this section shall be subject
to the final, non-reviewable determination of the superintendent as to
its sufficiency in meeting the objectives provided for in section
fifty-five hundred sixteen of this article, that the plan of reinsurance
provides for the ceding of risks to one or more reinsurers approved by
the superintendent, that the plan of reinsurance in no way adversely
affects the solvency of the association, and that the plan of
reinsurance to be effectuated through the association's engaging one or
more such reinsurers in a contract for the ceding of risk not later than
July first, nineteen hundred ninety-two.

(c) The amounts provided for in section fifty-five hundred sixteen of
this article, constituting the assets to be transferred, shall be
transferred not later than August first, nineteen hundred ninety-two and
only after actuarial certification that such assets constitute "surplus
surplus", or that portion of surplus not otherwise necessary for the
payment of claims. Upon such certification of such assets as "surplus
surplus", and not otherwise necessary for the payment of claims, such
assets shall be transferred not later than the date provided for herein.
Such transfer shall be deemed to be a transfer authorized by subsection
(a) of section five thousand five hundred sixteen of this article.

(d) In the event that the association has failed to comply with the
provisions of this section by the time periods provided for herein, the
association shall be prohibited from pursuing any such reinsurance plan
as a method of averting the imposition of the provisions of section
ninety-one hundred ten of this chapter.