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 been active for at least two years and cannot be created solely to obtain insurance coverage. The law clarifies that providing this insurance does not mean the cooperative is illegally acting as an insurance company itself. Additionally, the state's financial services superintendent will create rules to ensure these plans are safe, fair, and transparent. The changes will take effect approximately six months after the bill is signed into law.