N.Y. ISC Law § 7609
This is the official text of N.Y. ISC Law § 7609, 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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Rights of funds against insolvent insurers
Official statutory text
§ 7609. Rights of funds against insolvent insurers. (a) The\ncommissioner as custodian of each of the funds shall be entitled to a\nvalid claim against an insurer which becomes insolvent or unable to meet\nits insurance obligations, or its liquidator, rehabilitator,\nconservator, receiver, or trustee in bankruptcy, in an amount equal to\nthe liabilities, including loss adjustment expenses relating to such\nliabilities, of the insurer paid from the fund less the net payments\npaid into the fund by such insurer.\n (b) All moneys recovered through the prosecution of claims in the\nliquidation, rehabilitation or conservation proceeding shall be\nforthwith placed to the credit of the appropriate fund by the\ncommissioner.\n
Status: in_force · Read it on the official government site
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