New York Insurance Law Article 76 - PROPERTY/CASUALTY SECURITY FUNDS

• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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,...
• 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...
• 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...

Last modified: February 3, 2019