New York § 7609 Rights of funds against insolvent insurers

New York Statutes

§ 7609 — Rights of funds against insolvent insurers

New York § 7609

Law ISCInsurance

Art. 76Property/casualty Security Funds

This text of New York § 7609 (Rights of funds against insolvent insurers) 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 § 7609 (2026).

Text

§ 7609. Rights of funds against insolvent insurers.

(a)The\ncommissioner as custodian of each of the funds shall be entitled to a\nvalid claim against an insurer which becomes insolvent or unable to meet\nits insurance obligations, or its liquidator, rehabilitator,\nconservator, receiver, or trustee in bankruptcy, in an amount equal to\nthe liabilities, including loss adjustment expenses relating to such\nliabilities, of the insurer paid from the fund less the net payments\npaid into the fund by such insurer.\n (b) All moneys recovered through the prosecution of claims in the\nliquidation, rehabilitation or conservation proceeding shall be\nforthwith placed to the credit of the appropriate fund by the\ncommissioner.\n

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§ 7609. Rights of funds against insolvent insurers. (a) The\ncommissioner as custodian of each of the funds shall be entitled to a\nvalid claim against an insurer which becomes insolvent or unable to meet\nits insurance obligations, or its liquidator, rehabilitator,\nconservator, receiver, or trustee in bankruptcy, in an amount equal to\nthe liabilities, including loss adjustment expenses relating to such\nliabilities, of the insurer paid from the fund less the net payments\npaid into the fund by such insurer.\n (b) All moneys recovered through the prosecution of claims in the\nliquidation, rehabilitation or conservation proceeding shall be\nforthwith placed to the credit of the appropriate fund by the\ncommissioner.\n