§ 331 — Superintendent to maintain index of tax districts; insurers' requirements

New York § 331

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 3: Administrative and Procedural Provisions

Text

§ 331. Superintendent to maintain index of tax districts; insurers'\nrequirements. (a) The superintendent shall maintain a suitable index of\ntax districts which, pursuant to the provisions of section twenty-two of\nthe general municipal law, file with him a notice of intention to claim\nagainst the proceeds of a policy of fire insurance insuring the interest\nof an owner in any premises located therein against which a lien, as\ndefined by such section exists.\n (b) Such index shall be kept current on a daily basis and shall be\navailable for public inspection during regular business hours. It shall\ncontain such information as the superintendent deems appropriate.\n (c) Every such notice received by the superintendent shall become\neffective on the date of entry thereof in such index and shall\nconstitute constructive notice to each insurer of the tax district's\nclaim against any proceeds payable pursuant to the provisions of any\ninsurance policy subject to the provisions of section three thousand\nfour hundred ten of this chapter.\n (d) Upon a final determination of an insurer's obligation to pay any\nproceeds of a policy of insurance for damages caused by fire to real\nproperty, as such term is defined in section twenty-two of the general\nmunicipal law, and prior to payment of such proceeds, each insurer or,\nin the case of a policy purchased from an unauthorized insurer pursuant\nto section two thousand one hundred five of this chapter, each insurer\nor its adjusting representative, shall notify the enforcing officer of\neach tax district in which the property is located and which is entered\nin the index that a loss has been sustained and demand in writing by\nregistered or certified mail that such officer's certificate indicating\nthe amount of all liens of the district against the property, including\ninterest and penalties to the date of the certificate, be served, at a\nspecified address, in person or by registered or certified mail, upon\nthe insurer, or, in the case of a policy purchased from an unauthorized\ninsurer pursuant to section two thousand one hundred five of this\nchapter, upon the insurer or its adjusting representative, within twenty\ndays from the date of receipt of such demand.\n (e) Upon the failure of the enforcing officer to serve the certificate\nof lien in accordance with subsection (d) hereof, the right of the tax\ndistrict to claim against any such proceeds shall terminate. Within ten\ndays of receipt of such certificate of lien the insurer shall pay to the\nenforcing officer from such proceeds the amounts specified in the\ncertificate.\n