2012 New York Consolidated Laws
ISC - Insurance
Article 77 - (7701 - 7718) THE LIFE INSURANCE COMPANY GUARANTY CORPORATION OF NEW YORK ACT
7705 - Definitions.

 
    § 7705. Definitions. As used in this article:
    (a) "Account"  means  any  of  the  two accounts created under section
  seven thousand seven hundred six of this article.
    (b) "Contractual  obligations"  means  any  obligation  under  covered
  policies,   but  shall  not  include  any  obligation  with  respect  to
  policyholder dividends unpaid or unapplied, retrospective  rate  credits
  or similar benefits or provisions.
    (c) "Corporation"   means   The   Life   Insurance   Company  Guaranty
  Corporation of New York  created  under  section  seven  thousand  seven
  hundred six of this article unless the context otherwise requires.
    (d) "Covered  policy" means any of the kinds of insurance specified in
  paragraph one, two or three of subsection (a) of  section  one  thousand
  one  hundred thirteen of this chapter, or any funding agreement referred
  to in section three thousand two hundred twenty-two of this chapter,  or
  any  portion  or  part  thereof,  within the scope of this article under
  section seven thousand seven hundred three of this article, except  that
  any  certificate  issued  to  an  individual  under  any group policy or
  contract shall be  considered  to  be  a  separate  covered  policy  for
  purposes of section seven thousand seven hundred eight of this article.
    (e) "Health  insurance"  means  the kinds of insurance specified under
  items (i) and (ii) of paragraph three of subsection (a) of  section  one
  thousand one hundred thirteen of this chapter.
    (f) "Impaired   insurer"  means  a  member  insurer  which  after  the
  effective date of this article is found to be impaired for the  purposes
  of  section one thousand three hundred ten or one thousand three hundred
  eleven of this chapter and is consequently  placed  under  an  order  of
  liquidation,  rehabilitation  or conservation under article seventy-four
  of this chapter.
    (g) "Insolvent  insurer"  means  a  member  insurer  which  after  the
  effective  date  of  this  article becomes insolvent for the purposes of
  section one thousand three hundred nine of this chapter  and  is  placed
  under  a final order of liquidation, rehabilitation or conservation by a
  court of competent jurisdiction.
    (h) "Member insurer" means any  life  insurance  company  licensed  to
  transact  in  this  state  any  kind  of insurance to which this article
  applies under  section  seven  thousand  seven  hundred  three  of  this
  article. Solely for purposes of subsections (f) and (g) of this section,
  the  term  "member  insurer"  shall also mean any life insurance company
  formerly licensed to transact in this state any  kind  of  insurance  to
  which  this  article  applies under section seven thousand seven hundred
  three of this article.
    (i) "Premiums" means direct gross insurance premiums and  annuity  and
  funding  agreement  considerations  received  on  covered policies, less
  return  premiums  and  considerations  thereon  and  dividends  paid  or
  credited  to  policyholders  on  such  direct  business, subject to such
  modifications as the superintendent may establish by regulation or order
  as necessary to facilitate the equitable administration of this article.
  Premiums do not include premiums and considerations on contracts between
  insurers and reinsurers. For the purposes of determining the  assessment
  for  an insurer under this article, the term "premiums", with respect to
  a group annuity contract (or portion of any such contract) that does not
  guarantee annuity benefits to any specific individual identified in  the
  contract  and  with  respect  to  any  funding  agreement issued to fund
  benefits under any employee  benefit  plan,  means  the  lesser  of  one
  million  dollars  or  the  premium  attributable to that portion of such
  group  contract  that  does  not  guarantee  benefits  to  any  specific
  individuals  or  such  agreements  that fund benefits under any employee
  benefit plan.

    (j) "Person"   means   any   individual,   corporation,   partnership,
  association or voluntary organization.
    (k) "Resident"  means  any  person to whom contractual obligations are
  owed and who either (1) resides in this  state  at  the  time  a  member
  insurer  is  determined  to  be an impaired or insolvent insurer, or (2)
  resided in this state at the time a  member  insurer  issued  a  covered
  policy to such person.