N.Y. ISC Law § 1219
This is the official text of N.Y. ISC Law § 1219, part of New York’s ISC Law — part of the compiled statutory law of New York, published by the state as "ISC Law." Browse the sections below, each linked to its official government source.
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Misconduct by directors; insolvency
Official statutory text
§ 1219. Misconduct by directors; insolvency. (a) Every director of an\ninsurance corporation who:\n (1) in case of the fraudulent insolvency of such corporation, shall\nhave participated in such fraud, or\n (2) as such director, either wilfully does any act expressly forbidden\nby statute, or wilfully omits to perform any duty imposed upon him by\nstatute,\nshall be guilty of a misdemeanor, unless otherwise prescribed by law.\n (b) The insolvency of an insurance corporation is deemed fraudulent\nunless its affairs appear upon investigation to have been administered\nfairly, legally and with the same care and diligence that agents\nreceiving a compensation for their services are bound, by law, to\nobserve.\n
Status: in_force · Read it on the official government site
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