Section 173. Contract for long term care insurance

1. The president is
  hereby authorized and directed to purchase a contract  or  contracts  to
  provide  long term care benefits under the long term care insurance plan
  established in accordance with the provisions of this article. Such long
  term care contract or contracts shall be  purchased  from  one  or  more
  corporations authorized under section one thousand one hundred seventeen
  of the insurance law to issue long term care insurance contracts in this
  state.
    2. A reasonable time before entering into any long term care insurance
  contract  or  contracts  hereunder, the president shall invite proposals
  from such qualified insurers as in his or her opinion  would  desire  to
  accept  any  part of the long term care insurance coverage authorized by
  this article.
    3. The president may designate one or more  of  such  corporations  as
  insurers  from  which  employees  may  select  to provide long term care
  insurance.
    4. Each employee  who  is  covered  under  any  such  long  term  care
  insurance  contract  or  contracts  shall  receive a certificate setting
  forth the benefits to which the employee and his or her  dependents  are
  entitled  thereunder,  to  whom  such benefits shall be payable, to whom
  claims should be  submitted,  and  summarizing  the  provisions  of  the
  contract principally affecting the employee and his or her dependents.
    5.  The  president may, at the end of any fiscal year, discontinue any
  long term care insurance contract or contracts he or she  has  purchased
  from any corporation or corporations; provided, however, nothing in this
  article  nor  in  any  regulations promulgated hereunder shall affect or
  impair any employees' continuation of coverage or conversion rights with
  respect to long term care insurance as defined in the regulations of the
  New York state insurance department.