N.Y. Insurance Law § 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.