Authorizes residential cooperative corporations to offer health insurance

This bill allows residential cooperative corporations in New York to offer health insurance to their shareholders and dependents. To qualify, the cooperative must have existed for at least two years and cannot be created solely to obtain insurance coverage. The insurance must be provided by a state-authorized insurer, and the law clarifies that offering this coverage does not mean the cooperative is acting as an insurance company itself. The Superintendent of Financial Services will create rules to ensure financial stability, prevent discrimination, and require proper reporting. The changes will take effect 180 days after the bill becomes law.