New York § 7608 Payments from funds; subrogation; limit on payments

New York Statutes

§ 7608 — Payments from funds; subrogation; limit on payments

New York § 7608

Law ISCInsurance

Art. 76Property/casualty Security Funds

This text of New York § 7608 (Payments from funds; subrogation; limit on payments) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Insurance § 7608 (2026).

Text

§ 7608. Payments from funds; subrogation; limit on payments.

(a)\nPayments from the funds shall be made by the commissioner to the\nsuperintendent acting as liquidator, rehabilitator or conservator\npursuant to article seventy-four of this chapter upon the authority of\nappropriate certificates filed with him by the superintendent acting in\nsuch capacity.\n (b) (1) Payments from the funds upon allowed claims give no right of\nrecovery by the commissioner as custodian of the funds against\nprincipals or assureds under policies of insurance or surety bonds, for\nthe benefit and reimbursement of the fund.\n (2) Any assured under such a policy of insurance or surety bond who\npays, in whole or in part, any injured party claim which is eligible for\npayment, in whole or in part, from the f

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§ 7608. Payments from funds; subrogation; limit on payments. (a)\nPayments from the funds shall be made by the commissioner to the\nsuperintendent acting as liquidator, rehabilitator or conservator\npursuant to article seventy-four of this chapter upon the authority of\nappropriate certificates filed with him by the superintendent acting in\nsuch capacity.\n (b) (1) Payments from the funds upon allowed claims give no right of\nrecovery by the commissioner as custodian of the funds against\nprincipals or assureds under policies of insurance or surety bonds, for\nthe benefit and reimbursement of the fund.\n (2) Any assured under such a policy of insurance or surety bond who\npays, in whole or in part, any injured party claim which is eligible for\npayment, in whole or in part, from the funds, shall thereupon be\nsubrogated to the injured party's rights against the fund but not in\nexcess of the subrogee's claim as allowed in the proceeding under\narticle seventy-four of this chapter.\n (c) No payment from the funds shall exceed the limit of liability\nprovided for in the insurance policy or surety bond.\n