State RegulationsNY specificDifficulty 2/5
An insurer decides to withdraw completely from New York's individual accident and health market. What notice must it give?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Under N.Y. Ins. Law §3216(g), an insurer that completely withdraws from the individual accident and health market must give 180 days' notice and submit a written plan. The long lead time, together with the bar on re-entering the market for five years, gives covered persons time to arrange replacement coverage and discourages insurers from timing the market.
Why the other options are wrong
- A) Ninety days is the notice for discontinuing all coverage of a particular type, a narrower event.
- C) Sixty days matches no withdrawal-notice rule and understates the requirement.
- D) Notice plus a written plan is mandatory; withdrawal is not unconditional.
Memory hook
Full exit: 180-day notice and a written plan.