No-Fault Newsletter: May 4, 2006
The New York State Business Corporation Law and the Education Law requires that each Professional Service Corporation Triennially (every three years) shall file a statement, along with payment of a set fee (generally $105), with the Office of the Professions. The statement must list the name and residence of each shareholder, officer and director of the corporation, and further certify that all such individuals are authorized by law to practice the profession that the corporation is in engaged in.
The last Triennial statement period is due to expire June 30, 2006. The Office of the Professions routinely mails out the new required forms, but it is the Corporation?s responsibility to ensure compliance with this law. If you do not receive a new Triennial Statement from them, please contact:
The State Education Department
Office of the Professions: PC Unit
89 Washington 2nd Floor
Albany, NY 12234
Failure to timely file this statement results in the Office of the Professions classifying the Corporation as “NOT CURRENT.” This information is posted on its website and insurance carriers regularly monitor the status of no-fault providers. Although the Courts have generally held that the failures to comply with these sections of the law are NOT a valid reason to ultimately withhold no-fault reimbursement, many insurers nonetheless do. Accordingly, please ensure that your Corporation remains current with the State Education Department by filing the next required Triennial Statement. Note that the statement must be filed even if your corporation is no longer seeing new patients, unless a certificate of dissolution has been previously filed.
If you have any questions concerning this newsletter, or no-fault medical collections, please contact Stuart Israel.