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2016 New York Laws
ISC - Insurance
Article 76 - (Insurance) PROPERTY/CASUALTY SECURITY FUNDS
7609 - Rights of funds against insolvent insurers.

NY Ins L § 7609 (2016) What's This?
   7609.   Rights  of  funds  against  insolvent  insurers.  (a)  The
  commissioner as custodian of each of the funds shall be  entitled  to  a
  valid claim against an insurer which becomes insolvent or unable to meet
  its   insurance   obligations,   or   its   liquidator,   rehabilitator,
  conservator, receiver, or trustee in bankruptcy, in an amount  equal  to
  the  liabilities,  including  loss  adjustment expenses relating to such
  liabilities, of the insurer paid from the fund  less  the  net  payments
  paid into the fund by such insurer.

(b)  All  moneys  recovered  through  the prosecution of claims in the
  liquidation,  rehabilitation  or  conservation   proceeding   shall   be
  forthwith   placed  to  the  credit  of  the  appropriate  fund  by  the
  commissioner.

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