N.Y. Insurance Law § 7716: Immunity and indemnification

§ 7716. Immunity and indemnification. No director, officer, agent or

other representative of the corporation shall be individually liable to

any person, firm or corporation, including the corporation, for any act

or omission to act, or for any liability incurred or assumed, on behalf

of the corporation or by virtue hereof. Any such liability so incurred

or assumed shall be indemnified by the corporation. The expense of such

indemnification shall be assessed against member insurers in a manner

consistent with the method of assessment prescribed in paragraph two of

subsection (c) of section seven thousand seven hundred nine of this

article; no member company shall be subject to any liability except for

assessment as herein provided.