2023 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.