§ 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 liability security fund is continued. (c) The property/casualty insurance security fund shall consist of all payments made […]
§ 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 any insurer (other than an insolvent insurer, or a municipal reciprocal insurer which issues […]
§ 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 insurance obligations under policies: (A) on account of claims from motor […]
§ 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 corporate surety bond, therein described, of a solvent and responsible […]
§ 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 the insurer to be true under the penalties of perjury, on […]
§ 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, ascertained pursuant to this article, the aggregate actual and […]
§ 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 pledged for their […]
§ 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 certificates filed with him by the superintendent acting in such capacity. (b) (1) Payments […]
§ 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, receiver, or trustee in bankruptcy, in an amount equal to the liabilities, […]
§ 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 insurance policies or bonds issued to them where the insurer has become insolvent […]
§ 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 for the succeeding three months. (b) There […]
§ 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 may examine all the books […]
