Title ISC, Insurance

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

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

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

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

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

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

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

§ 7434. Distribution of assets. (a) (1) Upon the recommendation of the superintendent, and under the direction of the court, distribution payments shall be made in a manner that will assure the proper recognition of priorities and a reasonable balance between the expeditious com…

§ 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 has been issued on a claims-made basis by an insurer against which an order of liquidation, rehabilitation or conservation has been entered pursuant to this article, the superintendent shall provide, at an ap…

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

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

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

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

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

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

§ 7506. Companies excluded from article. There is hereby excluded from the provisions of this article any life insurance company organized and operated, without profit to any private shareholder or individual, exclusively to aid and strengthen charitable, religious, missionary, …

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

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

§ 7602. Definitions. In this article, unless the context or subject matter otherwise requires: (a) "Fund" means either the property/casualty insurance security fund or the public motor vehicle liability security fund. (b) "Fund year" means the calendar year. (c) "Insurer" means …

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

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

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

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

§ 7607. Management and investment of funds. (a) Each of the two funds governed by this article shall be separate and apart. Each fund shall also be separate and apart from any other fund and from all other state moneys, and the faith and credit of the state of New York is pledge…

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

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

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

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

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

§ 7613. Rules and regulations. The superintendent may adopt, amend and enforce all reasonable rules and regulations necessary for the proper administration of the funds.

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

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

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

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

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

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

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

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

§ 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 necessary to carry out the powers and duties of the corporation, the board of directors shall assess the member insurers, separately for each account, at such time and for such amounts as the board finds necessary i…

§ 7710. Plan of operation. (a) (1) The corporation shall submit to the superintendent a plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable and equitable administration of the corporation. The plan of operation and any amendments the…

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

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

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

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

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

§ 7716. Immunity and indemnification. No director, officer, agent or other representative of the corporation shall be individually liable to any person, firm or corporation, including the corporation, for any act or omission to act, or for any liability incurred or assumed, on b…

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

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