§ 5206 — Powers of corporation

New York § 5206

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 52: Motor Vehicle Accident Indemnification Corporation

Text

§ 5206. Powers of corporation. The corporation shall have the power:\n (a) To use a corporate seal, to contract, to sue and be sued, to adopt\nand amend by-laws and to exercise all powers necessary and convenient to\naccomplish the purposes of this article.\n (b) To prescribe, subject to the approval of the superintendent, the\npolicy or endorsement form to be issued by the members embodying the\ncoverage required by subsection (f) of section three thousand four\nhundred twenty of this chapter.\n (c) To provide for the investigation of any claim asserted by a\nqualified person against a financially irresponsible motorist.\n (d) To settle and pay any claim or judgment asserted by a qualified\nperson against a financially irresponsible motorist.\n (e) To appear and defend, through attorneys representing the\ncorporation, on behalf of the financially irresponsible motorist or on\nbehalf of the corporation in any action brought against him or it as\nprovided in subsection (b) of section five thousand two hundred nine of\nthis article.\n (f) To levy and collect assessments against its members for any\noperating deficits of the corporation and for any funds required for its\noperation and to enforce payment by legal proceedings.\n (g) To borrow for its corporate purposes, with or without security,\nand to pledge any of its assets as security for such loan. Notes or\nother evidences of indebtedness of the corporation are legal investments\nfor domestic property/casualty insurance companies and may be carried as\nadmitted assets.\n (h) To pay expenses reasonably incurred by the corporation in the\nexercise of any of its powers.\n