§ 5517-a. Return of association premium. (a) Notwithstanding any
inconsistent provision of this chapter or any other law to the contrary,
if the superintendent determines, for policies of excess coverage or
equivalent excess coverage issued by the association and purchased on
behalf of eligible participating physicians and dentists, that the rates
established pursuant to subdivision one of section forty of chapter two
hundred sixty-six of the laws of nineteen hundred eighty-six, as
amended, have produced premium amounts greater than required to satisfy
the standard that premiums shall be fixed at the lowest possible rates
consistent with the maintenance of solvency and of reasonable reserves
and surplus therefor, then the superintendent shall direct the
association and all officers and directors of the association with
responsibility for custody or investment of the association's assets to
return a portion of such premium to the purchaser in an amount not less
than the estimated cost of all premiums necessary for the purchase of
excess or equivalent excess coverage for eligible participating
physicians and dentists for the policy year July first, nineteen hundred
ninety-seven to June thirtieth, nineteen hundred ninety-eight, for the
policy year July first, nineteen hundred ninety-eight to June thirtieth,
nineteen hundred ninety-nine, for the policy year July first, nineteen
hundred ninety-nine to June thirtieth, two thousand, and if the
superintendent deems it necessary, for the policy year July first, two
thousand to June thirtieth, two thousand one, and the cost of
administering the hospital excess liability pool for such applicable
policy year. Following such determination, the superintendent shall
deliver to the association a schedule providing payment in twelve
monthly installments for the return of such premium due for the policy
year July first, nineteen hundred ninety-seven to June thirtieth,
nineteen hundred ninety-eight, no later than September first, nineteen
hundred ninety-seven, for the return of such premium due for the policy
year July first, nineteen hundred ninety-eight to June thirtieth,
nineteen hundred ninety-nine, no later than September first, nineteen
hundred ninety-eight, and for the return of such premium due for the
policy year July first, nineteen hundred ninety-nine to June thirtieth,
two thousand, no later than September first, nineteen hundred
ninety-nine and for the policy year July first, two thousand to June
thirtieth, two thousand one, no later than September first, two
thousand. Payment to the purchaser for the policy year shall be made
prior to the end of the applicable policy year. Upon the association's
receipt of notice of such determination and delivery of such schedule,
the association and all officers and directors of the association with
responsibility for custody or investment of the association's assets are
hereby authorized and directed to return the portion of such premium
amounts to the purchaser according to such schedule. For policies of
excess or equivalent excess coverage provided pursuant to section
eighteen of chapter two hundred sixty-six of the laws of nineteen
hundred eighty-six, as amended, the hospital excess liability pool
created pursuant to subdivision five of section eighteen of such chapter
shall be deemed to be the purchaser. The premium levels for excess
coverage established by the superintendent shall, for the purpose of
determining any projected deficiency as the basis for imposing a
surcharge pursuant to subdivision one of section forty of such chapter
as amended, be modified to reflect any such return of premium directed
by the superintendent.

(b) Notwithstanding any other provision of law, no director, officer
or employee of the association, nor the association, nor any public
officer or employee, nor any actuary, attorney, or advisor to the
association or to the superintendent shall incur or suffer any liability
whatsoever to any person by reason of actions taken pursuant to this
section. Any action which could have been brought against such director,
officer or employee, or against such public officer or employee, or
against such actuary, attorney or advisor, or against the association,
but for the provisions of this section, shall be brought against the
state.