Title ISC, Insurance

§ 7428. Disposition of assets and compromise of claims. (a) The\nsuperintendent may, subject to the approval of the court:\n (1) sell or otherwise dispose of all or any part of the real and\npersonal property of an insurer against whom a proceeding has been\nbrought under this a…

§ 7429. Borrowing on the pledge of assets. To facilitate the\nrehabilitation, liquidation, conservation or dissolution of an insurer\npursuant to this article the superintendent may, subject to the approval\nof the court, borrow money and issue evidences of indebtedness therefor…

§ 7430. Levy of assessments; determination of liability of members.\n(a) Within three years from the date of an order of rehabilitation or\nliquidation of a domestic mutual insurer filed in the office of the\nclerk of the county in which the insurer had its principal office, the…

§ 7431. Determination of liability of members for other indebtedness.\n(a) If it shall appear that a member of a domestic mutual insurer is\nindebted to such insurer, apart from his liability to assessment, the\ncourt may, upon the application of the superintendent, in any order…

§ 7432. Adjudication of insolvency of insurer; time to file claims.\n(a) If upon the granting of an order of liquidation pursuant to section\nseven thousand four hundred four of this article or at any time\nthereafter during such liquidation proceeding, such insurer shall not be…

§ 7433. Proof and allowance of claims. (a) (1) A proof of claim shall\nconsist of a written statement subscribed and affirmed by the claimant\nas true under the penalties of perjury, setting forth the claim, the\nconsideration therefor, any securities held therefor, any payments…

§ 7433-a. Loan to workers' compensation security fund. (a) Upon\ncertification by the superintendent that further sums, not exceeding\nseventy million dollars in the aggregate, are required by the workers'\ncompensation security fund to meet its obligations and accomplish the\np…

§ 7434. Distribution of assets. (a) (1) Upon the recommendation of the\nsuperintendent, and under the direction of the court, distribution\npayments shall be made in a manner that will assure the proper\nrecognition of priorities and a reasonable balance between the\nexpeditious…

§ 7435. Distribution for life insurers. (a) The priority of\ndistribution of claims from the estate of a life insurance company in\nany proceeding subject to this article shall be in accordance with the\norder in which each class of claims is herein set forth. Every claim in\nea…

§ 7436. Claims-made policies; special requirements. (a) Where a policy\nhas been issued on a claims-made basis by an insurer against which an\norder of liquidation, rehabilitation or conservation has been entered\npursuant to this article, the superintendent shall provide, at an…

§ 7437. Qualified financial contracts. (a) As used in this section:\n (1) "Actual direct compensatory damages" means and includes normal and\nreasonable costs of cover or other reasonable measures of damages\nutilized in the derivatives, securities or other market for the contra…

§ 7501. Purpose of article. The purpose of this article is to continue\nthe life insurance guaranty fund, a fund arising from assessments upon\ndomestic life insurance companies to be used for the promotion of the\nstability of such companies and the performance of their contrac…

§ 7502. Definitions. In this article:\n (a) "Board" means the board of directors of The Life Insurance\nGuaranty Corporation.\n (b) "Assessment" means a payment made by a company into the guaranty\nfund.\n (c) "Contributor" means a company paying an assessment.\n (d) "Corporatio…

§ 7503. The Life Insurance Guaranty Corporation. (a) The non-profit\nbody corporate known as "The Life Insurance Guaranty Corporation"\ncreated pursuant to chapter four hundred eighty-one of the laws of\nnineteen hundred forty-one, is hereby continued. It shall be composed of\nt…

§ 7504. The guaranty fund. (a) The corporation shall provide a\nguaranty fund from which all corporate administrative costs may be paid\nas well as such payments and advances as may be made in connection with\nany assumption, reinsurance or guaranty agreement. Such fund shall be…

§ 7505. Taxes. (a) The corporation shall be exempt from all taxes and\nfees imposed by this state or by any county, municipality, or local\nauthority or subdivision, except that real property owned by the\ncorporation shall be subject to county, municipal or local authority or\n…

§ 7506. Companies excluded from article. There is hereby excluded from\nthe provisions of this article any life insurance company organized and\noperated, without profit to any private shareholder or individual,\nexclusively to aid and strengthen charitable, religious, missionar…

§ 7507. Authorization for member companies. Each member company and\nits officers, directors and agents shall have authority to do and permit\nto be done any act and to make any payment herein authorized or\ncontemplated.\n

§ 7601. Property/casualty insurance security fund; public motor\nvehicle liability security fund. (a) The property and liability\ninsurance security fund is continued and shall hereafter be known as\n"the property/casualty insurance security fund".\n (b) The public motor vehicle…

§ 7602. Definitions. In this article, unless the context or subject\nmatter otherwise requires:\n (a) "Fund" means either the property/casualty insurance security fund\nor the public motor vehicle liability security fund.\n (b) "Fund year" means the calendar year.\n (c) "Insurer…

§ 7603. Property/casualty insurance security fund. (a) (1) The\nproperty/casualty insurance security fund shall be used in the payment\nof allowed claims remaining unpaid, in whole or in part, by reason of\nthe inability due to insolvency of an authorized insurer to meet its\nin…

§ 7604. Public motor vehicle liability security fund. (a) The purpose\nof the public motor vehicle liability security fund is to secure the\nbenefits contemplated by section three hundred seventy of the vehicle\nand traffic law in those cases where a policy of insurance or corpo…

§ 7605. Quarterly returns. With respect to each fund subject to this\narticle, every insurer on or before the fifteenth days of February, May,\nAugust and November of each year, shall file, with the commissioner and\nthe superintendent identical returns, subscribed and affirmed …

§ 7606. Determination of net value of funds; limits. (a) The\nsuperintendent shall annually, on or before March first, ascertain and\ndetermine the net value of each fund as of the next preceding December\nthirty-first by deducting from the value of the assets of each fund,\nasc…

§ 7607. Management and investment of funds. (a) Each of the two funds\ngoverned by this article shall be separate and apart. Each fund shall\nalso be separate and apart from any other fund and from all other state\nmoneys, and the faith and credit of the state of New York is ple…

§ 7608. Payments from funds; subrogation; limit on payments. (a)\nPayments from the funds shall be made by the commissioner to the\nsuperintendent acting as liquidator, rehabilitator or conservator\npursuant to article seventy-four of this chapter upon the authority of\nappropri…

§ 7609. Rights of funds against insolvent insurers. (a) The\ncommissioner as custodian of each of the funds shall be entitled to a\nvalid claim against an insurer which becomes insolvent or unable to meet\nits insurance obligations, or its liquidator, rehabilitator,\nconservator…

§ 7610. Defense of claims. (a) The superintendent may, in his\ndiscretion, designate or appoint a duly authorized representative to\nappear before any court or other body or official having jurisdiction\nand defend any action or proceeding against principals or assureds on\ninsu…

§ 7611. Expense of administering funds. (a) The expense of\nadministering each fund shall be paid out of such fund. Prior to the\nfirst days of January, April, July and October, there shall be submitted\nto the director of the budget for approval an estimated budget of\nexpendit…

§ 7612. Foreign and alien insurers. Every foreign or alien insurer\nsubject to this article is deemed to have consented to the adjudication\nof all claims secured by this article in a proceeding under article\nseventy-four of this chapter.\n

§ 7613. Rules and regulations. The superintendent may adopt, amend and\nenforce all reasonable rules and regulations necessary for the proper\nadministration of the funds.\n

§ 7614. Penalties. (a) If any insurer fails to file any return or make\nany payment required by this article, or if the superintendent has cause\nto believe that any return or other statement filed is false or\ninaccurate in any particular, or that any payment made is incorrect,…

§ 7701. Short title. This article shall be known and may be cited as\n"The Life and Health Insurance Company Guaranty Corporation of New York\nAct".\n

§ 7702. Purpose. The purpose of this article is to provide funds to\nprotect policy owners, insureds, health care providers, beneficiaries,\nannuitants, payees and assignees of life insurance policies, health\ninsurance policies, annuity contracts, funding agreements and\nsupple…

§ 7703. Scope. (a) (1) This article shall apply to direct life\ninsurance policies, health insurance policies, annuity contracts,\nfunding agreements, and supplemental contracts issued by a life\ninsurance company, health insurance company, or property/casualty\ninsurance compan…

§ 7704. Construction. This article shall be liberally construed to\neffect the purpose under section seven thousand seven hundred two of\nthis article which shall constitute an aid and guide to interpretation.\n

§ 7705. Definitions. As used in this article:\n (a) "Account" means any of the two accounts created under section\nseven thousand seven hundred six of this article.\n (b) "Contractual obligations" means any obligation under covered\npolicies, but shall not include any obligation…

§ 7706. Creation of the corporation. (a) There is created a\nnot-for-profit corporation to be known as "The Life and Health Insurance\nCompany Guaranty Corporation of New York". To the extent that the\nprovisions of the not-for-profit corporation law do not conflict with\nthe pr…

§ 7707. Board of directors. (a) The board of directors of the\ncorporation shall consist of not less than five nor more than thirteen\nmember insurers serving terms as established in the plan of operation.\nThe members of the board shall be selected by member insurers subject to…

§ 7708. Powers and duties of the corporation. In addition to the\npowers and duties enumerated in other sections of this article, and\nsubject to limitations and exclusions contained in this and other\nsections of this article:\n (a) (1) If a domestic insurer is an impaired or i…

§ 7709. Assessments. (a) For the purpose of providing the funds\nnecessary to carry out the powers and duties of the corporation, the\nboard of directors shall assess the member insurers, separately for each\naccount, at such time and for such amounts as the board finds necessar…

§ 7710. Plan of operation. (a) (1) The corporation shall submit to the\nsuperintendent a plan of operation and any amendments thereto necessary\nor suitable to assure the fair, reasonable and equitable administration\nof the corporation. The plan of operation and any amendments …

§ 7711. Powers of the superintendent and the board of directors. In\naddition to the duties and powers enumerated elsewhere in this chapter:\n (a) The superintendent may suspend or revoke, after notice and\nhearing, the certificate of authority to transact insurance in this\nsta…

§ 7712. Credits for assessments paid. (a) The superintendent shall\nannually issue a certificate of tax credit for net class A assessments\npaid, and a separate certificate of tax credit for total net class B and\nclass C assessments paid, as such assessments are described in se…

§ 7713. Miscellaneous provisions. (a) Nothing in this article shall be\nconstrued to reduce the liability for unpaid assessments of the insureds\nof an impaired or insolvent insurer operating under a plan with\nassessment liability.\n (b) The corporation shall maintain records o…

§ 7714. Examination of the corporation; annual report. The corporation\nshall be subject to examination and regulation by the superintendent.\nThe corporation shall submit to the superintendent, not later than May\nfirst of each year, a financial report for the preceding calenda…

§ 7715. Tax exemptions. The corporation shall be exempt from payment\nof all fees and all taxes levied by this state or any of its\nsubdivisions, except taxes levied on real property.\n

§ 7716. Immunity and indemnification. No director, officer, agent or\nother representative of the corporation shall be individually liable to\nany person, firm or corporation, including the corporation, for any act\nor omission to act, or for any liability incurred or assumed, o…

§ 7717. Stay of proceedings; reopening default judgments. All\nproceedings in which the impaired or insolvent insurer is a party in any\ncourt in this state shall be stayed sixty days from the date an order of\nliquidation, rehabilitation, or conservation is final to permit prop…

§ 7718. Prohibited advertisement of the corporation in sale of\ninsurance. No person, including an insurer, agent or affiliate of an\ninsurer and no broker shall make, publish, disseminate, circulate or\nplace before the public, or cause directly or indirectly, to be made,\npubl…