2012 New York Consolidated Laws
ISC - Insurance
Article 77 - (7701 - 7718) THE LIFE INSURANCE COMPANY GUARANTY CORPORATION OF NEW YORK ACT
7710 - Plan of operation.

 
    § 7710. Plan of operation. (a) (1) The corporation shall submit to the
  superintendent  a plan of operation and any amendments thereto necessary
  or suitable to assure the fair, reasonable and equitable  administration
  of  the  corporation.  The  plan of operation and any amendments thereto
  shall become effective upon approval in writing by the superintendent.
    (2) If the corporation fails to submit a suitable  plan  of  operation
  within  one  hundred  eighty  days  following the effective date of this
  article or if at any time thereafter the  corporation  fails  to  submit
  suitable  amendments to the plan, the superintendent shall, after notice
  and hearing, adopt and promulgate such reasonable rules as are necessary
  or advisable to effectuate the provisions of this  article.  Such  rules
  shall  continue  in  force  until  modified  by  the  superintendent  or
  superseded by a plan submitted by the corporation and  approved  by  the
  superintendent.
    (b) All member insurers shall comply with the plan of operation.
    (c)  The  plan  of  operation  shall  constitute  the  bylaws  of  the
  corporation and shall, in addition to requirements enumerated  elsewhere
  in this article:
    (1) Establish procedures for handling the assets of the corporation.
    (2)  Establish  the  amount  and  method of reimbursing members of the
  board of directors under section seven thousand seven hundred  seven  of
  this article.
    (3)  Establish  regular  places and times for meetings of the board of
  directors.
    (4) Establish procedures for records  to  be  kept  of  all  financial
  transactions of the corporation, its agents and the board of directors.
    (5)  Establish  the  procedures  whereby  selections  for the board of
  directors will be made and submitted to the superintendent.
    (6) Establish any additional procedures for assessments under  section
  seven thousand seven hundred nine of this article.
    (7)  Contain  such  additional  provisions  as  the  superintendent or
  corporation may deem necessary or proper for the execution of the powers
  and duties of the corporation.
    (d) The plan of operation may provide  that  any  or  all  powers  and
  duties  of  the  corporation, except those under sections seven thousand
  seven hundred eight and  seven  thousand  seven  hundred  nine  of  this
  article,   are   delegated   to  a  corporation,  association  or  other
  organization which performs or will perform functions similar  to  those
  of  the  corporation,  or  its equivalent, in two or more states. Such a
  corporation, association or organization shall  be  reimbursed  for  any
  payments  made  on  behalf  of the corporation and shall be paid for its
  performance of any function of the corporation.  A delegation under this
  subsection shall take effect only with the approval of both the board of
  directors and the superintendent, and may be made only to a corporation,
  association or organization which extends protection  not  substantially
  less favorable and effective than that provided by this article.