reglab/housing_qa huggingface dataset:
NY Ins L § 7612 (2021)
2021 New York Laws ISC - Insurance Article 76 - Property/casualty Security Funds 7612 - Foreign and Alien Insurers.

§  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.
NY Ins L § 7613 (2021)
2021 New York Laws ISC - Insurance Article 76 - Property/casualty Security Funds 7613 - Rules and Regulations.

§ 7613. Rules and regulations. The superintendent may adopt, amend and   enforce  all  reasonable  rules and regulations necessary for the proper   administration of the funds.
NY Ins L § 7614 (2021)
2021 New York Laws ISC - Insurance Article 76 - Property/casualty Security Funds 7614 - Penalties.

§ 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 and records of the insurer to ascertain the facts and determine the correct amount to be paid and may proceed in any court of competent jurisdiction to recover for the benefit of  the  fund any sums shown to be due upon such examination and determination.  (b) Any insurer which fails to make any such required statement, or to make  any  payment  to  the  fund when due, shall thereby forfeit to the appropriate fund a penalty of five percent of the amount  determined  to be  due  plus  one  percent  of  such amount for each month of delay, or fraction thereof, after the expiration of the first month of such delay. If satisfied that the delay was excusable, the superintendent may  remit all or any part of the penalty.  (c)  The superintendent, in his discretion, may revoke the certificate of authority to do business in this state of any foreign  insurer  which fails  to  comply  with  this  article  or  to  pay  any penalty imposed hereunder.
NY Ins L § 7701 (2021)
2021 New York Laws ISC - Insurance Article 77 - The Life Insurance Company Guaranty Corporation of New York Act 7701 - Short Title.

§  7701.  Short title. This article shall be known and may be cited as   "The Life Insurance Company Guaranty Corporation of New York Act".
NY Ins L § 7702 (2021)
2021 New York Laws ISC - Insurance Article 77 - The Life Insurance Company Guaranty Corporation of New York Act 7702 - Purpose.

§  7702.  Purpose.  The purpose of this article is to provide funds to   protect policy owners, insureds, beneficiaries, annuitants,  payees  and   assignees of life insurance policies, health insurance policies, annuity   contracts,  funding agreements and supplemental contracts issued by life   insurance companies, subject to certain limitations, against failure  in   the  performance  of  contractual  obligations  due to the impairment or   insolvency of the insurer issuing such policies, contracts,  or  funding   agreements.  In  the  judgment of the legislature, the foregoing objects   and purposes not  being  capable  of  accomplishment  by  a  corporation   created under general laws, the creation of a not-for-profit corporation   of  insurers  is provided for by this article to enable the guarantee of   payment of benefits and of continuation of coverages, and members of the   corporation are subject to assessment to carry out the purposes of  this   article.
NY Ins L § 7704 (2021)
2021 New York Laws ISC - Insurance Article 77 - The Life Insurance Company Guaranty Corporation of New York Act 7704 - Construction.

§  7704.  Construction.  This  article shall be liberally construed to   effect the purpose under section seven thousand  seven  hundred  two  of   this article which shall constitute an aid and guide to interpretation.
NY Ins L § 7706 (2021)
2021 New York Laws ISC - Insurance Article 77 - The Life Insurance Company Guaranty Corporation of New York Act 7706 - Creation of the Corporation.

§   7706.  Creation  of  the  corporation.  (a)  There  is  created  a not-for-profit corporation to be known as "The  Life  Insurance  Company Guaranty  Corporation of New York". To the extent that the provisions of the not-for-profit corporation law do not conflict with  the  provisions of  this  article  or the plan of operation of the corporation hereunder the not-for-profit corporation law shall apply to  the  corporation  and the   corporation  shall  be  a  type  C  corporation  pursuant  to  the not-for-profit corporation law.  If  an  applicable  provision  of  this article or the plan of operation of the corporation hereunder relates to a  matter  embraced in a provision of the not-for-profit corporation law but is not in conflict  therewith,  both  provisions  shall  apply.  All member  insurers  shall  be  and  remain members of the corporation as a condition of their authority to transact insurance in  this  state.  The corporation  shall  perform  its  functions  under the plan of operation established and approved under section seven thousand seven hundred  ten of  this  article  and  shall  exercise  its  powers  through a board of directors established under section seven thousand seven  hundred  seven of  this  article.  For  purposes  of  administration and assessment the corporation shall maintain two accounts:  (1) the health insurance account; and  (2) the life insurance, annuity and funding agreement account.  (b) The corporation shall come under the immediate supervision of  the superintendent and shall be subject to the applicable provisions of this article.
NY Ins L § 7707 (2021)
2021 New York Laws ISC - Insurance Article 77 - The Life Insurance Company Guaranty Corporation of New York Act 7707 - Board of Directors.

§  7707.  Board  of  directors.  (a)  The  board  of  directors of the corporation shall consist of not less than five nor more  than  thirteen member  insurers  serving terms as established in the plan of operation. The members of the board shall be selected by member insurers subject to the approval of the superintendent. Vacancies  on  the  board  shall  be filled  for  the  remaining period of the term by a majority vote of the remaining board members, subject to the approval of the  superintendent. To  select  the  initial  board of directors, and initially organize the corporation, the superintendent shall give notice to all member insurers of the time and place of  the  organizational  meeting.  In  determining voting rights at the organizational meeting each member insurer shall be entitled to one vote in person or by proxy. If the board of directors is not  selected  within  sixty  days  after  notice  of the organizational meeting, the superintendent may  appoint  the  initial  members  of  the board.  (b) In approving selections or in appointing members to the board, the superintendent  shall  consider,  among other things, whether all member insurers are fairly represented.  (c) Members of the board may be reimbursed  from  the  assets  of  the corporation  for  expenses  incurred  by them as members of the board of directors but shall not otherwise be compensated by the corporation  for their services.  (d)  The  superintendent  shall be ex-officio chairman of the board of directors but shall not be entitled to vote.
NY Ins L § 7710 (2021)
2021 New York Laws ISC - Insurance Article 77 - The Life Insurance Company Guaranty Corporation of New York Act 7710 - Plan of Operation.

§ 7710. Plan of operation. (a) (1) The corporation shall submit to the superintendent  a plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable and equitable  administration of  the  corporation.  The  plan of operation and any amendments thereto shall become effective upon approval in writing by the superintendent.  (2) If the corporation fails to submit a suitable  plan  of  operation within  one  hundred  eighty  days  following the effective date of this article or if at any time thereafter the  corporation  fails  to  submit suitable  amendments to the plan, the superintendent shall, after notice and hearing, adopt and promulgate such reasonable rules as are necessary or advisable to effectuate the provisions of this  article.  Such  rules shall  continue  in  force  until  modified  by  the  superintendent  or superseded by a plan submitted by the corporation and  approved  by  the superintendent.  (b) All member insurers shall comply with the plan of operation.  (c)  The  plan  of  operation  shall  constitute  the  bylaws  of  the corporation and shall, in addition to requirements enumerated  elsewhere in this article:  (1) Establish procedures for handling the assets of the corporation.  (2)  Establish  the  amount  and  method of reimbursing members of the board of directors under section seven thousand seven hundred  seven  of this article.  (3)  Establish  regular  places and times for meetings of the board of directors.  (4) Establish procedures for records  to  be  kept  of  all  financial transactions of the corporation, its agents and the board of directors.  (5)  Establish  the  procedures  whereby  selections  for the board of directors will be made and submitted to the superintendent.  (6) Establish any additional procedures for assessments under  section seven thousand seven hundred nine of this article.  (7)  Contain  such  additional  provisions  as  the  superintendent or corporation may deem necessary or proper for the execution of the powers and duties of the corporation.  (d) The plan of operation may provide  that  any  or  all  powers  and duties  of  the  corporation, except those under sections seven thousand seven hundred eight and  seven  thousand  seven  hundred  nine  of  this article,   are   delegated   to  a  corporation,  association  or  other organization which performs or will perform functions similar  to  those of  the  corporation,  or  its equivalent, in two or more states. Such a corporation, association or organization shall  be  reimbursed  for  any payments  made  on  behalf  of the corporation and shall be paid for its performance of any function of the corporation.  A delegation under this subsection shall take effect only with the approval of both the board of directors and the superintendent, and may be made only to a corporation, association or organization which extends protection  not  substantially less favorable and effective than that provided by this article.
NY Ins L § 7714 (2021)
2021 New York Laws ISC - Insurance Article 77 - The Life Insurance Company Guaranty Corporation of New York Act 7714 - Examination of the Corporation; Annual Report.

§ 7714. Examination of the corporation; annual report. The corporation   shall  be  subject  to examination and regulation by the superintendent.   The corporation shall submit to the superintendent, not later  than  May   first  of  each year, a financial report for the preceding calendar year   in a form approved by the superintendent and a report of its  activities   during the preceding calendar year.
NY Ins L § 7715 (2021)
2021 New York Laws ISC - Insurance Article 77 - The Life Insurance Company Guaranty Corporation of New York Act 7715 - Tax Exemptions.

§  7715.  Tax exemptions. The corporation shall be exempt from payment   of all  fees  and  all  taxes  levied  by  this  state  or  any  of  its   subdivisions, except taxes levied on real property.
NY Ins L § 7716 (2021)
2021 New York Laws ISC - Insurance Article 77 - The Life Insurance Company Guaranty Corporation of New York Act 7716 - Immunity and Indemnification.

§  7716.  Immunity and indemnification. No director, officer, agent or   other representative of the corporation shall be individually liable  to   any  person, firm or corporation, including the corporation, for any act   or omission to act, or for any liability incurred or assumed, on  behalf   of  the  corporation or by virtue hereof. Any such liability so incurred   or assumed shall be indemnified by the corporation. The expense of  such   indemnification  shall  be  assessed against member insurers in a manner   consistent with the method of assessment prescribed in paragraph two  of   subsection  (c)  of  section  seven  thousand seven hundred nine of this   article; no member company shall be subject to any liability except  for   assessment as herein provided.
NY Ins L § 7717 (2021)
2021 New York Laws ISC - Insurance Article 77 - The Life Insurance Company Guaranty Corporation of New York Act 7717 - Stay of Proceedings; Reopening Default Judgments.

§   7717.  Stay  of  proceedings;  reopening  default  judgments.  All   proceedings in which the impaired or insolvent insurer is a party in any   court in this state shall be stayed sixty days from the date an order of   liquidation, rehabilitation, or conservation is final to  permit  proper   legal  action by the corporation on any matters germane to its powers or   duties. As to judgment under any decision,  order,  verdict  or  finding   based  on  default  the  corporation may apply to have such judgment set   aside by the same court that made such judgment and, if such application   is granted in the court's discretion, the corporation shall be permitted   to defend against such suit  on  the  merits.  The  provisions  of  this   section shall be in addition to any other provision provided by law.
NY Ins L § 7718 (2021)
2021 New York Laws ISC - Insurance Article 77 - The Life Insurance Company Guaranty Corporation of New York Act 7718 - Prohibited Advertisement of the Corporation in Sale of Insurance.

§  7718.  Prohibited  advertisement  of  the  corporation  in  sale of   insurance. No person, including an insurer, agent  or  affiliate  of  an   insurer  and  no  broker  shall make, publish, disseminate, circulate or   place before the public, or cause directly or indirectly,  to  be  made,   published,  disseminated, circulated or placed before the public, in any   newspaper, magazine or other publication, or in the form  of  a  notice,   circular,  pamphlet,  letter  or  poster,  or  over any radio station or   television station, or in any other way, any advertisement, announcement   or statement which uses the existence of the corporation for the purpose   of sales, solicitation or inducement to purchase any form  of  insurance   covered  by this article, provided, however, that this section shall not   apply to the corporation or any other entity  which  does  not  sell  or   solicit  insurance, or to prohibit the furnishing of written information   in a form prepared by the corporation and approved by the superintendent   by a member insurer directly to a policyholder in response to a  written   request therefor.
NY Ins L § 7801 (2021)
2021 New York Laws ISC - Insurance Article 78 - Life Settlements 7801 - Short Title.

§  7801.  Short title. This article shall be known and may be cited as   the "life settlements act".
NY Ins L § 7806 (2021)
2021 New York Laws ISC - Insurance Article 78 - Life Settlements 7806 - Life Settlement Contract Forms.

§   7806.  Life  settlement  contract  forms.  (a)  No  licensed  life settlement provider shall enter into a life settlement contract  subject to  this  chapter  unless the life settlement contract form, application form, and any other form as may be prescribed by  regulation,  has  been filed  with  and  approved by the superintendent. The superintendent may disapprove any such form if the superintendent finds  the  form  or  any provisions  contained therein to be unreasonable, contrary to law or the interests of the people  of  this  state,  or  otherwise  misleading  or unfair.  (b)  Whenever,  by  the provisions of this chapter, the superintendent has approved any life settlement contract form, application form, or any other form, the superintendent may, after notice and  hearing  given  to the  life  settlement  provider  that  submitted  the form for approval, withdraw an approval previously given if:  (1) the use of the form is contrary to the requirements applicable  to the form at the time of such withdrawal, or  (2) it contains provisions that are unjust, unfair or inequitable.   Any  withdrawal  of  approval  shall be effective at the expiration of such period, at  least  ninety  days  after  the  giving  of  notice  of withdrawal or as the superintendent shall in such notice prescribe.
NY Ins L § 7807 (2021)
2021 New York Laws ISC - Insurance Article 78 - Life Settlements 7807 - Reporting Requirements.

§  7807. Reporting requirements. (a)(1) Every licensed life settlement provider shall file in the office of the superintendent, annually on  or before  the  first  day of March, a statement, to be known as its annual statement, verified by the  oath  of  at  least  two  of  its  principal officers,  showing  its  condition  at the end of the preceding calendar year. The statement shall be in such form and shall contain  such  other matters  as the superintendent shall prescribe. In addition to any other requirements, the annual  statement  shall  specify  the  total  number, aggregate  face  amount and life settlement proceeds of policies settled during  the  immediately  preceding  calendar  year,  together  with   a breakdown of the information by policy issue year. The information shall not  include  individual transaction data regarding the business of life settlements or information if there is a reasonable basis to believe the information could be used to identify the owner or the insured.  (2) Every life settlement provider that willfully  fails  to  file  an annual  statement  as  required  in  this section, or willfully fails to reply within thirty days to a written inquiry by the  superintendent  in connection  therewith, shall, in addition to other penalties provided by this chapter, be subject, upon due notice and opportunity to  be  heard, to a penalty not to exceed five hundred dollars per day of delay, not to exceed fifty thousand dollars in the aggregate, for each such failure.
NY Ins L § 7808 (2021)
2021 New York Laws ISC - Insurance Article 78 - Life Settlements 7808 - Examinations and Investigations.

§ 7808. Examinations or investigations. The superintendent may make an   examination  or  investigation  into  the affairs of any life settlement   provider,  life  settlement  broker,   life   settlement   intermediary,   applicant for licensure as a life settlement provider or life settlement   broker,  or applicant for registration as a life settlement intermediary   as prescribed under article three of this chapter.
NY Ins L § 7809 (2021)
2021 New York Laws ISC - Insurance Article 78 - Life Settlements 7809 - Advertising.

§  7809.  Advertising. (a) A life settlement provider, life settlement intermediary or life settlement broker licensed pursuant to this article may conduct or participate in  advertisements  within  this  state.  The advertisements  shall  comply with all advertising and marketing laws or rules and regulations as may be promulgated by the superintendent.  (b) Advertisements shall be accurate, truthful and not  misleading  in fact or by implication.  (c)  No  life  settlement provider, life settlement intermediary, life settlement broker, or any person acting on behalf thereof shall:  (1) directly or indirectly, market, advertise,  solicit  or  otherwise promote  the purchase of a policy for the primary purpose of, or with an emphasis on, settling the policy; or  (2) use the words "free", "no cost" or words of similar import in  the marketing,   advertising,  soliciting  or  otherwise  promoting  of  the purchase of a policy.  (d) The failure to follow the provisions of this section  shall  be  a defined violation under article twenty-four of this chapter.
NY Ins L § 7812 (2021)
2021 New York Laws ISC - Insurance Article 78 - Life Settlements 7812 - Life Insurance Applications.

§  7812. Life insurance applications. (a) Without limiting the ability of an insurer to assess the insurability of a policy  applicant  and  to determine  whether  or not to issue the policy, and in addition to other questions an insurer may lawfully pose to a  life  insurance  applicant, insurers  may  inquire  in  the  application  for  insurance whether the proposed owner intends to pay premiums with the assistance of  financing from  a  lender  that  will  use the policy as collateral to support the financing.  (b) The insurer may include the following notice to the applicant  and the  insured,  or  other notice acceptable to the superintendent, on the application or as an amendment  thereto:  "If  you  enter  into  a  loan arrangement  where  the  policy  is  used  as collateral, and the policy changes ownership at some point in the future  in  satisfaction  of  the loan, then the following may be true:  (1)  a  change of ownership may lead to a person unknown to you owning an interest in the insured's life;  (2) a change of ownership may limit your ability to purchase insurance in the future on the insured's life because there is a limit to how much coverage insurers will issue on one life;  (3) if ownership of the life insurance policy changes, and you wish to obtain more insurance coverage on the insured's life in the future,  the insured's  higher  issue  age,  a  change in health status, and/or other factors may reduce the ability to obtain coverage and/or may  result  in significantly higher premiums; and  (4)  you  should  consult  a  professional  advisor, since a change in ownership in satisfaction of the loan may result in tax consequences  to the owner."
NY Ins L § 7815 (2021)
2021 New York Laws ISC - Insurance Article 78 - Life Settlements 7815 - Stranger-Originated Life Insurance.

§  7815.  Stranger-originated  life  insurance.  (a)  In this chapter, "stranger-originated  life  insurance"  means  any  act,   practice   or arrangement,  at  or prior to policy issuance, to initiate or facilitate the issuance of a policy for the intended benefit of a  person  who,  at the time of policy origination, has no insurable interest in the life of the insured under the laws of this state, including:  (1)  the  purchase of life insurance with resources or guarantees from or through a person that, at the time of policy  initiation,  could  not lawfully initiate the policy;  (2) an arrangement or other agreement to transfer the ownership of the policy or the policy benefits to another person; or  (3)  a  trust  or  similar  arrangement  that  is  used,  directly  or indirectly, for the purpose of purchasing one or more policies  for  the intended  benefit  of  another  person  in  a  manner  that violates the insurable interest laws of this state.  (b) Stranger-originated life insurance  arrangements  do  not  include lawful  life  settlement contracts as permitted by this article or those practices set forth in paragraph three  of  subsection  (k)  of  section seven  thousand  eight  hundred  two of this article, provided that such contracts or practices are not for the  purpose  of  evading  regulation under this article.  (c) No person shall directly or indirectly engage in any act, practice or arrangement that constitutes stranger-originated life insurance.  (d)  The  failure  to  follow  the provision of subsection (c) of this section shall be a defined violation under article twenty-four  of  this chapter.
NY Ins L § 7817 (2021)
2021 New York Laws ISC - Insurance Article 78 - Life Settlements 7817 - Authority to Promulgate Regulations.

§  7817.  Authority  to promulgate regulations. The superintendent may   promulgate regulations implementing this article.