N.Y. ISC Law § 5213

§ 5213. Settlement of claims or actions. (a) The corporation may,\nexcept in the case of claims or actions by or on behalf of infants or\njudicially declared incompetents, settle without court approval any\nclaim or action against a financially irresponsible motorist if the\nboard, after due deliberation, is satisfied that the settlement is fair\nand has approved payment, which shall in no event exceed the applicable\namount specified in section five thousand two hundred ten of this\narticle and that:\n (1) the claimant has complied with the requirements prescribed in\nparagraphs one, two and three of subsection (a) of section five thousand\ntwo hundred eleven of this article;\n (2) the settlement is not made on the behalf of an insurer or surety\nunder circumstances described in paragraph six of subsection (a) of\nsection five thousand two hundred eleven of this article;\n (3) the financially irresponsible motorist involved in the accident\nwas not insured under a policy of motor vehicle liability insurance or\nan indemnity bond under which the insurer or surety is liable for the\ndamages sustained; and\n (4) a judgment against the financially irresponsible motorist would\nnot be collectible within a reasonable time.\n (b) As a condition to the payment of the amount of the settlement the\nqualified person, notwithstanding the provisions of title one of article\nthirteen of the general obligations law, shall assign his claim to the\ncorporation which shall then be subrogated to all of the rights of the\nqualified person against the financially irresponsible motorist.\n