2023 New York Laws › ISC - Insurance › Article 74 - Rehabilitation, Liquidation, Conservation and Dissolution of Insurers › 7408 - Uniform Insurers Liquidation Act; Title; Definitions.

§ 7408. Uniform insurers liquidation act; title; definitions. (a) This
section  and  sections  seven  thousand  four hundred nine through seven
thousand four hundred fifteen of  this  article  may  be  cited  as  the
uniform insurers liquidation act.
(b) In this act:
(1) "Insurer"  means  any  person,  firm, corporation, association, or
aggregation of persons doing an insurance business and  subject  to  the
insurance  supervisory  authority of, or to liquidation, rehabilitation,
reorganization, or conservation  by,  the  superintendent  of  financial
services of this state, or the equivalent insurance supervisory official
of another state.
(2) "Delinquency proceeding" means any proceeding commenced against an
insurer for the purpose of liquidating, rehabilitating, reorganizing, or
conserving such insurer.
(3) "Foreign country" means territory not in any state.
(4) "Domiciliary  state"  means  the  state  in  which  an  insurer is
incorporated  or  organized,  or,  as  to  an  insurer  incorporated  or
organized  in a foreign country, the state in which such insurer, having
become authorized to do business in such state, has, at the commencement
of delinquency proceedings, the largest amount of  its  assets  held  in
trust and assets held on deposit for the benefit of its policyholders or
policyholders  and  creditors in the United States; and any such insurer
is deemed to be domiciled in such state.
(5) "Ancillary state" means any state except a domiciliary state.
(6) "Reciprocal state" means any state other than this state in  which
in  substance  and  effect  the  provisions  of  this  act are in force,
including the provisions requiring that the  insurance  commissioner  or
equivalent   insurance   supervisory  official  be  the  receiver  of  a
delinquent insurer.
(7) "General assets" means all property, real, personal, or otherwise,
not specifically mortgaged, pledged, deposited, or otherwise  encumbered
for  the  security or benefit of specified persons or a limited class of
persons, and as  to  such  specifically  encumbered  property  the  term
includes  all  such  property  or  its  proceeds in excess of the amount
necessary to discharge all sums secured thereby. Assets  held  in  trust
and  assets  held  on  deposit  for  the  security  or  benefit  of  all
policyholders, or all policyholders and creditors in the United  States,
are general assets.
(8) "Preferred claim" means any claim with respect to which the law of
a  state  or  of  the United States accords priority of payment from the
general assets of the insurer.
(9) "Special deposit claim" means any claim secured by a deposit  made
pursuant  to  statute  for the security or benefit of a limited class of
persons, but not including any general assets.
(10) "Secured claim" means any claim secured by mortgage, trust, deed,
pledge,  deposit  as  security,  escrow,  other  security  interest,  or
otherwise,  but  not  including special deposit claims or claims against
general assets. The term also  includes  claims  which  more  than  four
months prior to the commencement of delinquency proceedings in the state
of  the  insurer's  domicile  have  become liens upon specific assets by
reason of judicial process.
(11) "Receiver"  means   receiver,   liquidator,   rehabilitator,   or
conservator as the context may require.