New York Insurance Law Article 77 - THE LIFE INSURANCE COMPANY GUARANTY CORPORATION OF NEW YORK ACT

• 7701 - Short Title.
  This article shall be known and may be cited as "The Life Insurance Company Guaranty Corporation of New York Act".
• 7702 - Purpose.
  The purpose of this article is to provide funds to protect policy owners, insureds, beneficiaries, annuitants, payees and assignees of life insurance policies, health insurance...
• 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...
• 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...
• 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)...
• 7706 - Creation of the Corporation.
  (a) There is created a not-for-profit corporation to be known as "The Life Insurance Company Guaranty Corporation of New York". To the extent that the...
• 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...
• 7708 - Powers and Duties of the Corporation.
  In addition to the powers and duties enumerated in other sections of this article, and subject to limitations and exclusions contained in this and other...
• 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...
• 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...
• 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...
• 7712 - Credits for Assessments Paid.
  (a) The superintendent shall annually, within six months following the close of each calendar year, furnish to the commissioner of taxation and finance and the...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 7719 - Resolution Facility.
  (a) The corporation may incorporate one or more not-for-profit corporations, known as a resolution facility, in connection with the liquidation of an insolvent domestic life...

Last modified: February 3, 2019