New York § 1507 Management of controlled insurers

New York Statutes

§ 1507 — Management of controlled insurers

New York § 1507

Law ISCInsurance

Art. 15Holding Companies

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Bluebook

N.Y. Insurance § 1507 (2026).

Text

§ 1507. Management of controlled insurers.

(a)Notwithstanding the\ncontrol of an authorized insurer by any person, the insurer's officers\nand directors shall not thereby be relieved of any obligation or\nliability to which they would otherwise be subject by law, and the\ninsurer shall be managed so as to assure its separate operating identity\nconsistent with this chapter.\n (b) Nothing herein shall preclude an authorized insurer from having or\nsharing a common management or cooperative or joint use of personnel,\nproperty or services with one or more other persons under arrangements\nmeeting the standards of subsection (a) of section one thousand five\nhundred five of this article.\n

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§ 1507. Management of controlled insurers. (a) Notwithstanding the\ncontrol of an authorized insurer by any person, the insurer's officers\nand directors shall not thereby be relieved of any obligation or\nliability to which they would otherwise be subject by law, and the\ninsurer shall be managed so as to assure its separate operating identity\nconsistent with this chapter.\n (b) Nothing herein shall preclude an authorized insurer from having or\nsharing a common management or cooperative or joint use of personnel,\nproperty or services with one or more other persons under arrangements\nmeeting the standards of subsection (a) of section one thousand five\nhundred five of this article.\n