2006 New York Code - Uniform Insurers Liquidation Act; Title; Definitions.

 
    § 7408. Uniform insurers liquidation act; title; definitions. (a) This
  section  and  sections  seven  thousand  four hundred nine through seven
  thousand four hundred fifteen of  this  article  may  be  cited  as  the
  uniform insurers liquidation act.
    (b) In this act:
    (1) "Insurer"  means  any  person,  firm, corporation, association, or
  aggregation of persons doing an insurance business and  subject  to  the
  insurance  supervisory  authority of, or to liquidation, rehabilitation,
  reorganization, or conservation by, the superintendent of  insurance  of
  this  state, or the equivalent insurance supervisory official of another
  state.
    (2) "Delinquency proceeding" means any proceeding commenced against an
  insurer for the purpose of liquidating, rehabilitating, reorganizing, or
  conserving such insurer.
    (3) "Foreign country" means territory not in any state.
    (4) "Domiciliary state"  means  the  state  in  which  an  insurer  is
  incorporated  or  organized,  or,  as  to  an  insurer  incorporated  or
  organized in a foreign country, the state in which such insurer,  having
  become authorized to do business in such state, has, at the commencement
  of  delinquency  proceedings,  the  largest amount of its assets held in
  trust and assets held on deposit for the benefit of its policyholders or
  policyholders and creditors in the United States; and any  such  insurer
  is deemed to be domiciled in such state.
    (5) "Ancillary state" means any state except a domiciliary state.
    (6) "Reciprocal  state" means any state other than this state in which
  in substance and effect  the  provisions  of  this  act  are  in  force,
  including  the  provisions  requiring that the insurance commissioner or
  equivalent  insurance  supervisory  official  be  the  receiver   of   a
  delinquent insurer.
    (7) "General assets" means all property, real, personal, or otherwise,
  not  specifically mortgaged, pledged, deposited, or otherwise encumbered
  for the security or benefit of specified persons or a limited  class  of
  persons,  and  as  to  such  specifically  encumbered  property the term
  includes all such property or its  proceeds  in  excess  of  the  amount
  necessary  to  discharge  all sums secured thereby. Assets held in trust
  and  assets  held  on  deposit  for  the  security  or  benefit  of  all
  policyholders,  or all policyholders and creditors in the United States,
  are general assets.
    (8) "Preferred claim" means any claim with respect to which the law of
  a state or of the United States accords priority  of  payment  from  the
  general assets of the insurer.
    (9) "Special  deposit claim" means any claim secured by a deposit made
  pursuant to statute for the security or benefit of a  limited  class  of
  persons, but not including any general assets.
    (10) "Secured claim" means any claim secured by mortgage, trust, deed,
  pledge,  deposit  as  security,  escrow,  other  security  interest,  or
  otherwise, but not including special deposit claims  or  claims  against
  general  assets.  The  term  also  includes  claims which more than four
  months prior to the commencement of delinquency proceedings in the state
  of the insurer's domicile have become  liens  upon  specific  assets  by
  reason of judicial process.
    (11) "Receiver"   means   receiver,   liquidator,   rehabilitator,  or
  conservator as the context may require.