N.Y. ISC Law § 7716
This is the official text of N.Y. ISC Law § 7716, 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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Immunity and indemnification
Official statutory 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
Status: in_force · Read it on the official government site
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