N.Y. Insurance Law § 5206: Powers of corporation

§ 5206. Powers of corporation. The corporation shall have the power:

(a) To use a corporate seal, to contract, to sue and be sued, to adopt

and amend by-laws and to exercise all powers necessary and convenient to

accomplish the purposes of this article.

(b) To prescribe, subject to the approval of the superintendent, the

policy or endorsement form to be issued by the members embodying the

coverage required by subsection (f) of section three thousand four

hundred twenty of this chapter.

(c) To provide for the investigation of any claim asserted by a

qualified person against a financially irresponsible motorist.

(d) To settle and pay any claim or judgment asserted by a qualified

person against a financially irresponsible motorist.

(e) To appear and defend, through attorneys representing the

corporation, on behalf of the financially irresponsible motorist or on

behalf of the corporation in any action brought against him or it as

provided in subsection (b) of section five thousand two hundred nine of

this article.

(f) To levy and collect assessments against its members for any

operating deficits of the corporation and for any funds required for its

operation and to enforce payment by legal proceedings.

(g) To borrow for its corporate purposes, with or without security,

and to pledge any of its assets as security for such loan. Notes or

other evidences of indebtedness of the corporation are legal investments

for domestic property/casualty insurance companies and may be carried as

admitted assets.

(h) To pay expenses reasonably incurred by the corporation in the

exercise of any of its powers.