reglab/housing_qa huggingface dataset:
NY Ins L § 7429 (2021)
2021 New York Laws ISC - Insurance Article 74 - Rehabilitation, Liquidation, Conservation and Dissolution of Insurers 7429 - Borrowing on the Pledge of Assets.

§  7429.  Borrowing  on  the  pledge  of  assets.  To  facilitate  the   rehabilitation, liquidation, conservation or dissolution of  an  insurer   pursuant to this article the superintendent may, subject to the approval   of  the court, borrow money and issue evidences of indebtedness therefor   and secure repayment by a security interest  in  any  or  all  property,   real, personal or mixed of such insurer.  Subject to court approval, the   superintendent  may  take  all  other  action  necessary  and  proper to   consummate  such  loans   and   provide   for   their   repayment.   The   superintendent  shall  be  under  no  obligation  personally  or  in his   capacity as superintendent to repay  any  loan  made  pursuant  to  this   section.
NY Ins L § 7431 (2021)
2021 New York Laws ISC - Insurance Article 74 - Rehabilitation, Liquidation, Conservation and Dissolution of Insurers 7431 - Determination of Liability of Members for Other Indebtedness.

§  7431. Determination of liability of members for other indebtedness. (a) If it shall appear that a member of a  domestic  mutual  insurer  is indebted  to  such  insurer, apart from his liability to assessment, the court may, upon the application of  the  superintendent,  in  any  order under  section  seven  thousand  four  hundred  thirty  of  this article directing such member to show cause why he should not be held liable  to pay  an  assessment, likewise direct him to show cause why he should not be held liable to pay such indebtedness.  (b) The liability of  such  member  for  such  indebtedness  shall  be determined  in  the  same manner, and at the same time, as his liability for such assessment is  determined,  and  the  superintendent  may  have judgment therefor, without any additional costs.
NY Ins L § 7432 (2021)
2021 New York Laws ISC - Insurance Article 74 - Rehabilitation, Liquidation, Conservation and Dissolution of Insurers 7432 - Adjudication of Insolvency of Insurer; Time to File Claims.

§  7432.  Adjudication  of insolvency of insurer; time to file claims. (a) If upon the granting of an order of liquidation pursuant to  section seven  thousand  four  hundred  four  of  this  article  or  at any time thereafter during such liquidation proceeding, such insurer shall not be clearly solvent, the court shall, after such notice and  hearing  as  it deems proper, make an order declaring such insurer to be insolvent.  (b) Where a liquidation, rehabilitation or conservation order has been entered  in  a  proceeding  against  an  insurer under this article, all persons who may have claims against such insurer shall present the  same to  the liquidator, rehabilitator or conservator at a place specified by him within four months from the date of the entry of such order, or,  if the  superintendent  shall  certify  that  it  is necessary, within such longer time as the  court  shall  prescribe.  The  superintendent  shall notify all persons who may have claims against such insurer as disclosed by  its books and records, to present the same to him within the time as fixed. The last day for the filing of proofs of claim shall be specified in the notice. Such notice shall be given in a manner determined by  the court.  (c)  Proofs  of  claim  may be filed subsequent to the date specified, but, no such claim shall share in the distribution of the  assets  until all  allowed  claims,  proofs  of which were filed before such specified date, have been paid in full with interest.
NY Ins L § 7436 (2021)
2021 New York Laws ISC - Insurance Article 74 - Rehabilitation, Liquidation, Conservation and Dissolution of Insurers 7436 - Claims-Made Policies; Special Requirements.

§ 7436. Claims-made policies; special requirements. (a) Where a policy has  been  issued  on a claims-made basis by an insurer against which an order of liquidation, rehabilitation or conservation  has  been  entered pursuant  to  this  article,  the  superintendent  shall  provide, at an appropriate additional premium by the insured and  consistent  with  the terms  of  such policy, for the issuance of coverage for claims based on occurences prior to the termination of the  policy  which  are  reported after the termination of the policy, in the event that the insured seeks to purchase such coverage in accordance with the terms of such policy.  (b)  If  the  order  of liquidation, rehabilitation or conservation is entered against an insurer which has issued medical malpractice policies on a claims-made basis, then notwithstanding the entry  of  such  order, the  superintendent  shall  comply with the requirements for claims-made policies as set forth in subsections (b), (c) and (d) of  section  three thousand  four  hundred  thirty-six  of this chapter and paragraphs two, three and four of subsection (f) of section five thousand  five  hundred four of this chapter.  (c)  In  the  event  that  an  insured,  who has been issued a medical malpractice policy on a claim-made basis by an insurer against which  an order  of liquidation has been entered pursuant to this article, chooses to purchase coverage from a successor insurer, the superintendent  shall expedite  the  transfer  of  coverage  that has been accrued, for claims based on occurrences prior to the termination of the  policy  which  are reported  after  the termination of the policy, to the successor insurer of each insured, in accordance  with  the  requirement  for  claims-made policies  as  set forth in subsections (b), (c) and (d) of section three thousand four hundred thirty-six and paragraphs two, three and  four  of subsection  (f)  of  section  five  thousand  five  hundred four of this chapter.
NY Ins L § 7501 (2021)
2021 New York Laws ISC - Insurance Article 75 - Life Insurance Guaranty Fund 7501 - Purpose of Article.

§ 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  objects   and  purposes are not capable of accomplishment by a corporation created   under general laws, so the continuation of the  non-profit  corporation,   "The Life Insurance Guaranty Corporation", is provided by this article.
NY Ins L § 7502 (2021)
2021 New York Laws ISC - Insurance Article 75 - Life Insurance Guaranty Fund 7502 - Definitions.

§ 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 by this article.  (f) "Member  company" means any domestic life insurance company having a representative serving as a director upon the board  of  directors  of the corporation.  (g) "Policies"  means  insurance  policies;  "contracts" means annuity contracts; both terms  include  policies  or  contracts  of  reinsurance issued by a member company.
NY Ins L § 7504 (2021)
2021 New York Laws ISC - Insurance Article 75 - Life Insurance Guaranty Fund 7504 - The Guaranty Fund.

§  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 to time by the corporation upon all member companies in proportion  to  their  admitted assets  as shown by their annual statements required by this chapter for the year next preceding the date of such assessment.  The  net  realized gains  and  income  from  investments  of  the fund shall belong, and be refunded, to the contributors in proportion to the  amounts  contributed by  them.  The  corporation  may  provide  by  resolution  or by-law the necessary procedure for making assessments, the payment thereof, and the refund of any net realized gains and  income  from  investments  of  the fund.  (b)  The amount of the fund shall be kept at such a sum as will enable the corporation to meet its immediate obligations and liabilities.  (c) Upon payment of assessments the corporation  shall  issue  to  the contributors   certificates  showing  the  dates  and  amounts  of  such payments,  and  any  other  matters  deemed  proper.   All   outstanding certificates  shall  be  of  equal  dignity and priority irrespective of amounts or dates of issue. Such certificates may be  carried  by  member companies   as   admitted   assets  to  the  extent  authorized  by  the superintendent.  (d) Whenever the amount of the fund exceeds the immediate requirements of the  corporation,  with  the  approval  of  the  superintendent,  the corporation  may  distribute  such excess by retirement of the aforesaid certificates previously issued or any part  thereof.  Such  distribution shall  be  made  pro  rata  upon  the basis of outstanding certificates, except that by unanimous consent of  all  the  directors  and  with  the approval  of  the  superintendent  any other method of retirement of the certificates may be adopted.  (e) Upon dissolution of the fund by the  repeal  of  this  article  or otherwise,  the fund shall be distributed in the manner provided for the repayment or retirement of certificates. If the amount of  the  fund  at the time of dissolution exceeds the outstanding certificates, the excess shall  be  paid  in  such  equitable  manner as shall be approved by the superintendent.  (f) The aggregate of the outstanding certificates  shall  at  no  time exceed fifty million dollars.
NY Ins L § 7505 (2021)
2021 New York Laws ISC - Insurance Article 75 - Life Insurance Guaranty Fund 7505 - Taxes.

§  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 value, as other similar real property.  (b) Any  company  whose  policies  have  been  assumed,  reinsured  or guaranteed by the corporation shall remain liable for the taxes required by  article  thirty-three  of the tax law, and shall remain liable as to taxes accrued before January first, nineteen hundred seventy-four, which were required by section one hundred eighty-seven of the tax law  as  in effect  before  January  first,  nineteen  hundred  seventy-four, on all premiums received on policies issued by it, but payment  of  such  taxes shall  be  suspended.    Payment of or on account of such taxes shall be made under such terms and conditions as the  superintendent  prescribes, except  that  no  such  payment  may be required or made if such company would become impaired by the making of such payment or if  such  payment would  reduce  its  capital  and  surplus  below  the  minimum statutory requirements for organization of a like new life insurance  company.  No dividends  to  shareholders  shall  be declared unless all premium taxes have been fully paid.
NY Ins L § 7506 (2021)
2021 New York Laws ISC - Insurance Article 75 - Life Insurance Guaranty Fund 7506 - Companies Excluded From Article.

§ 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  such  institutions,  to   individuals engaged in serving such institutions and to members of their   immediate families.
NY Ins L § 7507 (2021)
2021 New York Laws ISC - Insurance Article 75 - Life Insurance Guaranty Fund 7507 - Authorization for Member Companies.

§  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.
NY Ins L § 7601 (2021)
2021 New York Laws ISC - Insurance Article 76 - Property/casualty Security Funds 7601 - Property/casualty Insurance Security Fund; Public Motor Vehicle Liability Security Fund.

§  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 to it by  insurers  and  of  securities  acquired  by  and through  the  use  of moneys belonging to it, together with interest and accretions earned upon such payments  or  investments  earned  prior  to January first, nineteen hundred seventy-four.  (d)  The public motor vehicle liability security fund shall consist of all payments made to it by insurers and of securities  acquired  by  and through  the  use  of moneys belonging to it, together with interest and accretions earned upon such payments or investments.  (e) Each fund shall be administered separately by  the  superintendent in accordance with this article.
NY Ins L § 7604 (2021)
2021 New York Laws ISC - Insurance Article 76 - Property/casualty Security Funds 7604 - Public Motor Vehicle Liability Security Fund.

§  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 insurer is accepted by the commissioner of motor vehicles as a compliance with such section. The fund shall be used to pay allowed claims of injured parties and policyholders under insurance policies or  surety  bonds,  remaining unpaid,  in  whole  or in part, by reason of the insurer's insolvency or its  inability  to  meet  its  insurance  obligations   (including   any obligation for the return of unearned premiums) provided the insurer has made payments to the fund as required by subsection (b) hereof.  (b) (1) Contributions to this fund shall be determined on the basis of net direct written premiums on insurance policies or surety bonds issued to meet the requirements of section three hundred seventy of the vehicle and traffic law.  (2)  Every  insurer  issuing  such  policies or bonds, upon filing its quarterly return pursuant to section seven thousand six hundred five  of this  article,  shall  pay into the fund three percent of its net direct written premiums as shown for the period covered by such return.
NY Ins L § 7605 (2021)
2021 New York Laws ISC - Insurance Article 76 - Property/casualty Security Funds 7605 - Quarterly Returns.

§  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 a form  prescribed   by the superintendent, stating the amount of net direct written premiums   charged  by  such insurer during the quarter year ending on the last day   of the second month preceding that in which the report is required to be   filed.
NY Ins L § 7606 (2021)
2021 New York Laws ISC - Insurance Article 76 - Property/casualty Security Funds 7606 - Determination of Net Value of Funds; Limits.

§  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 estimated liabilities  of  each fund as determined by the superintendent. When the net value of a fund, as thus determined,  reaches  an  amount  equal  to fifteen  percent  of  the  outstanding  claim reserves of all authorized insurers,  incurred  under  policies  or  bonds  providing  benefits  as specified  in subsection (a) of section seven thousand six hundred three or subsection (a) of section seven thousand six  hundred  four  of  this article, as the case may be, no further contributions to such fund shall be required to be made.  (b)  Whenever,  thereafter, the amount of a fund is reduced below such fifteen percent, by reason of payments from,  and  known  and  estimated liabilities  of,  that  fund,  then  contributions to such fund shall be resumed and continued until that fund, over  and  above  its  known  and estimated liabilities, reaches such amount.
NY Ins L § 7607 (2021)
2021 New York Laws ISC - Insurance Article 76 - Property/casualty Security Funds 7607 - Management and Investment of Funds.

§  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 safekeeping. The commissioner shall be the custodian of the funds. All disbursements shall be made by the commissioner upon vouchers signed by the superintendent, or his deputy. The moneys of  the  funds  may  be invested  by  the commissioner in obligations of the United States or of this state and in interest bearing certificates of deposit of a bank  or trust company located and authorized to do business in this state, or of a  national  bank  located  in this state, secured by a pledge of direct obligations of the United States or of the  state  of  New  York  in  an amount  equal  to  the  amount  of  such  certificates of deposit, or in accordance with the provisions of section ninety-eight-a  of  the  state finance law.  (b)  With  respect  to  the  moneys in the property/casualty insurance security fund the commissioner may also invest in:  (1) obligations of public benefit corporations whose  obligations  are legal for investment by public officers and bodies of this state;  (2)  up  to thirty-three and one-third percent of the net value of the fund in mortgage loans or deeds of trust on real  property  improved  by one,  two,  three  or  four  family  residences  owned  by  one  or more individuals and occupied by an owner and  located  in  this  state.  The amount  invested in mortgage loans and deeds of trust may not exceed the lesser of ninety percent of the appraised value of the real property  or thirty-five  thousand  dollars if a one-family residence, forty thousand dollars if a two-family residence,  forty-five  thousand  dollars  if  a three-family  residence,  or  fifty  thousand  dollars  if a four-family residence. The mortgage or deed  of  trust  shall  provide  for  monthly principal  and  interest  payments  in  amounts  sufficient  to  pay all interest and effect full  repayment  of  principal  within  seventy-five percent of the estimated remaining useful life of the building or thirty years, whichever is less.  (c)  The  commissioner  may  sell  any  investment  of either fund, if advisable, for proper administration or in the  best  interests  of  the fund.
NY Ins L § 7608 (2021)
2021 New York Laws ISC - Insurance Article 76 - Property/casualty Security Funds 7608 - Payments From Funds; Subrogation; Limit on Payments.

§  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 from the funds upon allowed claims give no  right  of recovery   by  the  commissioner  as  custodian  of  the  funds  against principals or assureds under policies of insurance or surety bonds,  for the benefit and reimbursement of the fund.  (2)  Any  assured  under such a policy of insurance or surety bond who pays, in whole or in part, any injured party claim which is eligible for payment, in whole or  in  part,  from  the  funds,  shall  thereupon  be subrogated  to  the  injured  party's rights against the fund but not in excess of the subrogee's  claim  as  allowed  in  the  proceeding  under article seventy-four of this chapter.  (c)  No  payment  from  the  funds shall exceed the limit of liability provided for in the insurance policy or surety bond.
NY Ins L § 7609 (2021)
2021 New York Laws ISC - Insurance Article 76 - Property/casualty Security Funds 7609 - Rights of Funds Against Insolvent Insurers.

§   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,  including  loss  adjustment expenses relating to such liabilities, of the insurer paid from the fund  less  the  net  payments paid into the fund by such insurer.  (b)  All  moneys  recovered  through  the prosecution of claims in the liquidation,  rehabilitation  or  conservation   proceeding   shall   be forthwith   placed  to  the  credit  of  the  appropriate  fund  by  the commissioner.
NY Ins L § 7610 (2021)
2021 New York Laws ISC - Insurance Article 76 - Property/casualty Security Funds 7610 - Defense of Claims.

§  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  or  unable   to   meet   its   insurance   obligations.   The superintendent  shall  have,  as  of  the  date  of  such  insolvency or inability to meet its insurance obligations, only the rights  which  the insurer  would have had if not insolvent or unable to meet its insurance obligations.  (b) For the purposes of this section, the  superintendent  shall  have power to employ such counsel, clerks and assistants as may be necessary.
NY Ins L § 7611 (2021)
2021 New York Laws ISC - Insurance Article 76 - Property/casualty Security Funds 7611 - Expense of Administering Funds.

§   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 may not be expended for the  purpose  of  administering  the funds more than the amounts as authorized by the director of the budget. The  superintendent  shall  serve  as administrator of the funds without additional compensation, but may be allowed and paid from the funds  the expenses incurred in performing his duties in connection with the funds. The  compensation  of persons employed by the superintendent, within the amounts approved  by  the  director  of  the  budget,  shall  be  deemed administration expense payable from the funds.