NY Ins L § 7705 (2021)
2021 New York Laws ISC - Insurance Article 77 - The Life Insurance Company Guaranty Corporation of New York Act 7705 - Definitions.

§ 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  respect  to policyholder dividends unpaid or unapplied, retrospective  rate  credits or similar benefits or provisions.  (c) "Corporation"   means   The   Life   Insurance   Company  Guaranty Corporation of New York  created  under  section  seven  thousand  seven hundred six of this article unless the context otherwise requires.  (d) "Covered  policy" means any of the kinds of insurance specified in paragraph one, two or three of subsection (a) of  section  one  thousand one  hundred thirteen of this chapter, any supplemental contract, or any funding agreement referred to in  section  three  thousand  two  hundred twenty-two  of  this chapter, or any portion or part thereof, within the scope of this article under section seven thousand seven  hundred  three of  this  article,  except  that any certificate issued to an individual under any group policy or contract shall be considered to be a  separate covered  policy  for  purposes  of  section seven thousand seven hundred eight of this article.  (e) "Health insurance" means the kinds of  insurance  specified  under items  (i)  and (ii) of paragraph three of subsection (a) of section one thousand one hundred thirteen of this chapter.  (f) "Impaired  insurer"  means  a  member  insurer  which  after   the effective  date of this article is found to be impaired for the purposes of section one thousand three hundred ten or one thousand three  hundred eleven  of  this  chapter  and  is consequently placed under an order of liquidation, rehabilitation or conservation under  article  seventy-four of this chapter.  (g) "Insolvent  insurer"  means  a  member  insurer  which  after  the effective date of this article becomes insolvent  for  the  purposes  of section  one  thousand  three hundred nine of this chapter and is placed under a final order of liquidation, rehabilitation or conservation by  a court of competent jurisdiction.  (h) "Member  insurer"  means  any  life  insurance company licensed to transact in this state any kind  of  insurance  to  which  this  article applies  under  section  seven  thousand  seven  hundred  three  of this article; provided, however, that the term "member  insurer"  also  means any  life  insurance company formerly licensed to transact in this state any kind of insurance to which this article applies under section  seven thousand seven hundred three of this article.  (i) "Premiums"  means  direct gross insurance premiums and annuity and funding agreement considerations  received  on  covered  policies,  less return  premiums  and  considerations  thereon  and  dividends  paid  or credited to policyholders on  such  direct  business,  subject  to  such modifications as the superintendent may establish by regulation or order as necessary to facilitate the equitable administration of this article. Premiums do not include premiums and considerations on contracts between insurers  and reinsurers. For the purposes of determining the assessment for an insurer under this article, the term "premiums", with respect  to a group annuity contract (or portion of any such contract) that does not guarantee  annuity benefits to any specific individual identified in the contract and with respect  to  any  funding  agreement  issued  to  fund benefits  under  any  employee  benefit  plan,  means  the lesser of one million dollars or the premium attributable  to  that  portion  of  such group  contract  that  does  not  guarantee  benefits  to  any  specific individuals or such agreements that fund  benefits  under  any  employee benefit plan.  (j) "Person"  means  any  individual  or  legal  entity,  including  a corporation, partnership, association, limited liability company, trust, or voluntary organization.  (k) "Resident" means a person to whom a contractual obligation is owed and  who  either:  (1)  resides  in this state on the date of entry of a court order of liquidation or rehabilitation with respect  to  a  member insurer that is an impaired or insolvent insurer; or (2) resided in this state  at  the  time  a  member  insurer issued a covered policy to such person.  (l) "Supplemental contract" means an agreement or any other  mechanism for  the  distribution of proceeds under a life insurance policy, health insurance policy, annuity contract, or funding agreement.