2016 New York Laws
ISC - Insurance
Article 76 - (Insurance) PROPERTY/CASUALTY SECURITY FUNDS
7608 - Payments from funds; subrogation; limit on payments.

  7608.  Payments  from  funds;  subrogation;  limit on payments. (a)
  Payments from the funds  shall  be  made  by  the  commissioner  to  the
  superintendent   acting  as  liquidator,  rehabilitator  or  conservator
  pursuant to article seventy-four of this chapter upon the  authority  of
  appropriate  certificates filed with him by the superintendent acting in
  such capacity.
(b) (1) Payments from the funds upon allowed claims give no  right  of
  recovery   by  the  commissioner  as  custodian  of  the  funds  against
  principals or assureds under policies of insurance or surety bonds,  for
  the benefit and reimbursement of the fund.
(2)  Any  assured  under such a policy of insurance or surety bond who
  pays, in whole or in part, any injured party claim which is eligible for
  payment, in whole or  in  part,  from  the  funds,  shall  thereupon  be
  subrogated  to  the  injured  party's rights against the fund but not in
  excess of the subrogee's  claim  as  allowed  in  the  proceeding  under
  article seventy-four of this chapter.
(c)  No  payment  from  the  funds shall exceed the limit of liability
  provided for in the insurance policy or surety bond.