§ 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 contractual obligations. In the judgment of the legislature, the foregoing […]
§ 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 “The Life Insurance Guaranty Corporation.” (e) “Fund” means the guaranty fund provided […]
§ 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 superintendent ex-officio and one representative of each life insurance company incorporated or organized […]
§ 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 raised by assessments which may be made from time […]
§ 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 subdivision taxation to the same extent, according to its […]
§ 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, educational or philanthropic institutions by issuing policies or contracts only to or for the benefit of […]
§ 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.
