2022 New York Laws
ISC - Insurance
Article 77 - The Life and Health Insurance Company Guaranty Corporation of New York Act
7706 - Creation of the Corporation.

§   7706.  Creation  of  the  corporation.  (a)  There  is  created  a
not-for-profit corporation to be known as "The Life and Health Insurance
Company Guaranty Corporation of  New  York".  To  the  extent  that  the
provisions  of  the  not-for-profit corporation law do not conflict with
the provisions  of  this  article  or  the  plan  of  operation  of  the
corporation  hereunder the not-for-profit corporation law shall apply to
the corporation and the  corporation  shall  be  a  type  C  corporation
pursuant  to  the  not-for-profit  corporation  law.  If  an  applicable
provision of this article or the plan of operation  of  the  corporation
hereunder   relates   to  a  matter  embraced  in  a  provision  of  the
not-for-profit corporation law but is not in  conflict  therewith,  both
provisions  shall apply. All member insurers shall be and remain members
of the corporation  as  a  condition  of  their  authority  to  transact
insurance  in  this  state.  The corporation shall perform its functions
under the plan of operation established and approved under section seven
thousand seven hundred ten of this article and shall exercise its powers
through a board of directors established under  section  seven  thousand
seven  hundred seven of this article. For purposes of administration and
assessment the corporation shall maintain two accounts:
  (1) the health insurance account; and
  (2) the life insurance, annuity and funding agreement account.
  (b) The corporation shall come under the immediate supervision of  the
superintendent and shall be subject to the applicable provisions of this
article.