2012 New York Consolidated Laws
ISC - Insurance
Article 52 - (5201 - 5225) MOTOR VEHICLE ACCIDENT INDEMNIFICATION CORPORATION
5213 - Settlement of claims or actions.

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