NY Ins L § 7602 (2021)
2021 New York Laws ISC - Insurance Article 76 - Property/casualty Security Funds 7602 - Definitions.

§  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 policies not covered by the property/casualty insurance security fund, or a risk retention group  as defined  in article fifty-nine of this chapter, or a provider of service contracts pursuant to article seventy-nine of this  chapter)  authorized to  transact  the kinds of business specified in paragraphs four through fourteen, sixteen, seventeen, nineteen through twenty-one of  subsection (a) of section one thousand one hundred thirteen of this chapter.  (d) "Policy"  means  a  policy  issued  by an insurer authorized to do business in this state, including a policy or surety bond filed pursuant to article six or seven of the vehicle and traffic law, insuring against legal liability arising out of the ownership, operation  or  maintenance of  motor  vehicles, including surety bonds or insurance policies issued to meet the requirements of section three hundred seventy of the vehicle and traffic law.  (e) "Net direct written premiums" means direct gross premiums  written on policies subject to this article, insuring:  (1) property or risks located or resident in this state,  (2)  legal  liability  arising  out  of  the  ownership,  operation or maintenance of motor vehicles which  are  principally  garaged  in  this state,  less return premiums thereon and dividends paid to policyholders on such direct business. For the purposes of this article  premiums  written  by  any  authorized insurer  on  policies issued to self insurers, whether or not designated as reinsurance contracts, shall be deemed "net direct written premiums".  (f) "Motor vehicle accident" means either an accident occurring within or without this  state  arising  out  of  the  ownership,  operation  or maintenance  of  a  motor  vehicle  which is principally garaged in this state or an accident occurring within this  state  arising  out  of  the ownership,  operation  or  maintenance  of  a motor vehicle which is not principally garaged in this state.  (g) "Allowed claim" means  a  claim  that  has  been  allowed  by  the superintendent  in  a  proceeding  under  article  seventy-four  of this chapter or, if such claim exceeds twenty-five thousand dollars, has been allowed by the court in a proceeding under article seventy-four of  this chapter, and which is based upon:  (1)  a  policy  insuring property or risks located or resident in this state, or  (2) a policy issued in this state to a resident of this state insuring property or risks, located or resident outside this state but within the United States, its possessions and  territories,  and  Canada,  provided that, with respect to policies covered under this paragraph:  (A)  irrespective  of  the  amount  of claim that has been allowed, no person shall recover any amount from this fund  until  such  person  has exhausted  all  rights  of  recovery  from  any  security fund, guaranty association, or the equivalent in the jurisdiction where  such  property or  risks  are  located  or  resident;  and,  thereafter,  such person's recovery from  this  fund,  when  combined  with  amounts  recovered  or recoverable  from  any other security fund, guaranty association, or the equivalent in such jurisdiction, shall  not  exceed  the  maximum  limit available  to a qualified claimant for a recovery solely from such other security fund, guaranty association, or the equivalent; and  (B) the aggregate limit for all claims arising out of any one  policy, excluding  claims  with respect to property or risks located or resident in this state, shall not exceed the lesser of the aggregate limit of the policy or five million dollars.  (h) "Injured  party  claim"  means  a  claim of a person, other than a policyholder or assured,  who  suffered  an  injury  to  his  person  or property  arising  out of an insured incident within the coverage of the policy.  (i) "Policyholder claim" means a claim of a  policyholder  or  assured within  the coverage of the policy, wherein such person suffered loss or damage under the coverage of the policy or where such person has paid an injured party claim, subject to allowance of such policyholder claim  in a proceeding under article seventy-four of this chapter.  (j) "Commissioner"  means  the commissioner of taxation and finance of this state.