New York § 7716 Immunity and indemnification

New York Statutes

§ 7716 — Immunity and indemnification

New York § 7716

Law ISCInsurance

Art. 77The Life and Health Insurance Company Guaranty Corporation of New York Act

This text of New York § 7716 (Immunity and indemnification) 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 § 7716 (2026).

Text

  § 7716. Immunity and indemnification. No director, officer, agent or\nother representative of the corporation shall be individually liable to\nany person, firm or corporation, including the corporation, for any act\nor omission to act, or for any liability incurred or assumed, on behalf\nof the corporation or by virtue hereof. Any such liability so incurred\nor assumed shall be indemnified by the corporation. The expense of such\nindemnification shall be assessed against member insurers in a manner\nconsistent with the method of assessment prescribed in paragraph two of\nsubsection (c) of section seven thousand seven hundred nine of this\narticle; no member company shall be subject to any liability except for\nassessment as herein provided.\n

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§ 7716. Immunity and indemnification. No director, officer, agent or\nother representative of the corporation shall be individually liable to\nany person, firm or corporation, including the corporation, for any act\nor omission to act, or for any liability incurred or assumed, on behalf\nof the corporation or by virtue hereof. Any such liability so incurred\nor assumed shall be indemnified by the corporation. The expense of such\nindemnification shall be assessed against member insurers in a manner\nconsistent with the method of assessment prescribed in paragraph two of\nsubsection (c) of section seven thousand seven hundred nine of this\narticle; no member company shall be subject to any liability except for\nassessment as herein provided.\n