N.Y. Insurance Law § 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.