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An Important Message From MDNY - 11/14/2007
Attention Brokers:
MDNY Healthcare, Inc. effective with this letter, is notifying your Agency/Association that MDNY Healthcare, Inc. (“MDNY”) has notified the New York State Department of Insurance that in accordance with Section 4305(j) (3) (B) and Section 4305(j) (3) (C) of the New York Insurance Law, that MDNY intends to cease offering health insurance coverage in New York.
Therefore, we strongly encourage you to transition your groups to a new carrier as soon as possible to avoid disruption to their health care coverage. Groups, including sole proprietors who have not elected another carrier by May 31, 2008, will have their group coverage with MDNY terminate effective midnight May 31, 2008.
In addition, Insurance Law requires that MDNY give notice to all groups and subscribers with regard to MDNY’s exit from the health insurance market. The attached letters have been approved by NYSID and must be sent by your Agency’s/Associations to MDNY groups and subscribers by November 15, 2007. These notices cannot be modified. Insurance Law requires MDNY to give groups 180 days to transition to another carrier. You will note that the notice period is 15 days longer than the required 180 days. MDNY will not be processing mid month terminations and therefore not accepting prorated premium. The letters should be distributed as follows:
1. To all Groups/Sole Proprietors Notice:
“Letter 4 Customer Notice MDNY”
“Letter 9 Notice Pursuant to Section 217”
2. To all Subscribers:
“Letter 7 Member Notice MDNY”
Documents
MDNY Letter 4 Customer Notice
MDNY Letter 7 Member Notice
MDNY Letter 9 Notice Pusuant to Section 217 Notice
As you will note in the attached letters, MDNY continues to work with another Company who in the near future will have new benefit plans and rate proposals sent to you. MDNY will keep you informed as soon as we have additional information to give you with regard to this Company.
Please be advised that MDNY will be enforcing MDNY’s underwriting policy and requiring the latest Company tax documents for all business that plans on renewing January 1, 2008. MDNY will be releasing 2008 rates very shortly with rate increases anticipated to be approximately 20-25%. If you have any questions with regard to this letter please contact myself at 631-454-1900 extension 224 or Judy Gambino at extension 243.
If you have difficulty with meeting the deadline for November 15, 2007 please notify us at once to discuss. Thank you for your attention to this matter.