2006 New York Code - Definitions.

 
    §  7602.  Definitions.  In this article, unless the context or subject
  matter otherwise requires:
    (a) "Fund" means either the property/casualty insurance security  fund
  or the public motor vehicle liability security fund.
    (b) "Fund year" means the calendar year.
    (c) "Insurer" means any insurer (other than an insolvent insurer, or a
  municipal  reciprocal  insurer  which issues policies not covered by the
  property/casualty insurance security fund, or a risk retention group  as
  defined  in article fifty-nine of this chapter, or a provider of service
  contracts pursuant to article seventy-nine of this  chapter)  authorized
  to  transact  the kinds of business specified in paragraphs four through
  fourteen, sixteen, seventeen, nineteen through twenty-one of  subsection
  (a) of section one thousand one hundred thirteen of this chapter.
    (d) "Policy"  means  a  policy  issued  by an insurer authorized to do
  business in this state, including a policy or surety bond filed pursuant
  to article six or seven of the vehicle and traffic law, insuring against
  legal liability arising out of the ownership, operation  or  maintenance
  of  motor  vehicles, including surety bonds or insurance policies issued
  to meet the requirements of section three hundred seventy of the vehicle
  and traffic law.
    (e) "Net direct written premiums" means direct gross premiums  written
  on policies subject to this article, insuring:
    (1) property or risks located or resident in this state,
    (2)  legal  liability  arising  out  of  the  ownership,  operation or
  maintenance of motor vehicles which  are  principally  garaged  in  this
  state,  less return premiums thereon and dividends paid to policyholders
  on such direct business.
  For the purposes of this article  premiums  written  by  any  authorized
  insurer  on  policies issued to self insurers, whether or not designated
  as reinsurance contracts, shall be deemed "net direct written premiums".
    (f) "Motor vehicle accident" means either an accident occurring within
  or without this  state  arising  out  of  the  ownership,  operation  or
  maintenance  of  a  motor  vehicle  which is principally garaged in this
  state or an accident occurring within this  state  arising  out  of  the
  ownership,  operation  or  maintenance  of  a motor vehicle which is not
  principally garaged in this state.
    (g) "Allowed claim" means a claim which has been allowed by the  court
  in  a proceeding under article seventy-four of this chapter and which is
  based upon: (1) a policy insuring property or risks located or  resident
  in this state, or
    (2) a policy issued in this state to a resident of this state insuring
  property or risks, located or resident outside this state but within the
  United  States,  its  possessions  and territories, and Canada, provided
  that, with respect to policies covered under this paragraph:
    (A) irrespective of the amount of claim which  has  been  allowed,  no
  person  shall  recover  any  amount from this fund until such person has
  exhausted all rights  of  recovery  from  any  security  fund,  guaranty
  association,  or  the equivalent in the jurisdiction where such property
  or risks  are  located  or  resident;  and,  thereafter,  such  person's
  recovery  from  this  fund,  when  combined  with  amounts  recovered or
  recoverable from any other security fund, guaranty association,  or  the
  equivalent  in  such  jurisdiction,  shall  not exceed the maximum limit
  available to a qualified claimant for a recovery solely from such  other
  security fund, guaranty association, or the equivalent; and
    (B)  the aggregate limit for all claims arising out of any one policy,
  excluding claims with respect to property or risks located  or  resident
  in this state, shall not exceed the lesser of the aggregate limit of the
  policy or five million dollars.
    (h) "Injured  party  claim"  means  a  claim of a person, other than a
  policyholder or assured,  who  suffered  an  injury  to  his  person  or
  property  arising  out of an insured incident within the coverage of the
  policy.
    (i) "Policyholder  claim"  means  a claim of a policyholder or assured
  within the coverage of the policy, wherein such person suffered loss  or
  damage under the coverage of the policy or where such person has paid an
  injured  party claim, subject to allowance of such policyholder claim in
  a proceeding under article seventy-four of this chapter.
    (j) "Commissioner" means the commissioner of taxation and  finance  of
  this state.