§ 7706 — Creation of the corporation

New York § 7706

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 77: The Life and Health Insurance Company Guaranty Corporation of New York Act

Text

§ 7706. Creation of the corporation. (a) There is created a\nnot-for-profit corporation to be known as "The Life and Health Insurance\nCompany Guaranty Corporation of New York". To the extent that the\nprovisions of the not-for-profit corporation law do not conflict with\nthe provisions of this article or the plan of operation of the\ncorporation hereunder the not-for-profit corporation law shall apply to\nthe corporation and the corporation shall be a type C corporation\npursuant to the not-for-profit corporation law. If an applicable\nprovision of this article or the plan of operation of the corporation\nhereunder relates to a matter embraced in a provision of the\nnot-for-profit corporation law but is not in conflict therewith, both\nprovisions shall apply. All member insurers shall be and remain members\nof the corporation as a condition of their authority to transact\ninsurance in this state. The corporation shall perform its functions\nunder the plan of operation established and approved under section seven\nthousand seven hundred ten of this article and shall exercise its powers\nthrough a board of directors established under section seven thousand\nseven hundred seven of this article. For purposes of administration and\nassessment the corporation shall maintain two accounts:\n (1) the health insurance account; and\n (2) the life insurance, annuity and funding agreement account.\n (b) The corporation shall come under the immediate supervision of the\nsuperintendent and shall be subject to the applicable provisions of this\narticle.\n