Section 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.