§ 7720 — Penalties

New York § 7720

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

Text

§ 7720. Penalties. (a) If any member insurer fails to make any payment\nrequired by this article, or if the superintendent has cause to believe\nthat any other statement filed is false or inaccurate in any particular,\nor that any payment made is incorrect, the superintendent may examine\nall the books and records of the member insurer to ascertain the facts\nand determine the correct amount to be paid. Based on such finding, the\ncorporation may proceed in any court of competent jurisdiction to\nrecover for the benefit of the fund any sums shown to be due upon such\nexamination and determination.\n (b) Any member insurer that fails to make any such required statement,\nor to make any payment to the fund when due, shall forfeit to the\ncorporation for deposit in the fund a penalty of five percent of the\namount determined to be due plus one percent of such amount for each\nmonth of delay, or fraction thereof, after the expiration of the first\nmonth of such delay. If satisfied that the delay was excusable, the\ncorporation may remit all or any part of the penalty.\n (c) The superintendent, in the superintendent's discretion, may revoke\nthe certificate of authority to do business in this state of any foreign\nmember insurer that fails to comply with this article or to pay any\npenalty imposed hereunder.\n