§ 7603. Property/casualty insurance security fund. (a) (1) The\nproperty/casualty insurance security fund shall be used in the payment\nof allowed claims remaining unpaid, in whole or in part, by reason of\nthe inability due to insolvency of an authorized insurer to meet its\ninsurance obligations under policies:\n (A) on account of claims from motor vehicle accidents as defined in\nsubsection (f) of section seven thousand six hundred two of this\narticle,\n (B) for all of the kinds of insurance specified in paragraphs four\nthrough fourteen, sixteen, nineteen through twenty-one, twenty-four and\nsubparagraphs (A) and (B) of paragraph twenty-six of subsection (a) of\nsection one thousand one hundred thirteen of this chapter with respect\nto coverage of property or risks located or resident in this state, or\noutside this state but within the United States, its possessions and\nterritories, and Canada,\n (C) for the kind of insurance providing disability benefits pursuant\nto article nine of the workers' compensation law issued by an authorized\ninsurer licensed under article forty-one, sixty-one or sixty-six of this\nchapter with respect to coverage of risks located or resident in this\nstate,\n (D) in the kind of insurance providing workers' compensation insurance\npursuant to subsection (j) of section three thousand four hundred twenty\nof this chapter,\n (E) for the insurance provided by the medical malpractice insurance\nassociation,\n (F) for the insurance provided pursuant to subdivision two-a of\nsection seventy-six of the workers' compensation law if and when\noperative,\n (G) for the kinds of credit insurance as defined in subparagraphs (B)\nand (C) of paragraph seventeen of subsection (a) of section one thousand\none hundred thirteen of this chapter, and\n (H) any obligation for the return of unearned premiums on any policy\nspecified in subparagraphs (A), (B), (C), (D), (E), (F) and (G) hereof,\nwhich shall, for the purposes of this article, be deemed to include the\nobligations of an insurer and the medical malpractice insurance\nassociation under medical malpractice claims-made policies to pay to\nsuccessor entities the actuarially appropriate amounts for the provision\nof coverage to comply with the requirements of subsections (b), (c) and\n(d) of section three thousand four hundred thirty-six and paragraphs\ntwo, three and four of subsection (f) of section five thousand five\nhundred four of this chapter.\n (2) No payment from the property/casualty insurance security fund\nshall be made to any person who owns or controls ten percent or more of\nthe voting securities of the insolvent insurer and no payment on any one\nclaim shall exceed one million dollars, provided that the amount of\npayment on a claim and the aggregate for all claims shall be further\nlimited by the provisions of paragraph two of subsection (g) of section\nseven thousand six hundred two of this article.\n (b) (1) Contributions to the property/casualty insurance security fund\nshall be determined on the basis of net direct written premiums on\npolicies insuring property or risks located or resident in this state.\n (2) Every insurer shall pay into such fund, upon filing each quarterly\nreturn pursuant to section seven thousand six hundred five of this\narticle, one-half of one percent of its net direct written premiums as\nshown for the period covered by such return.\n (c) (1) Whenever the superintendent determines, pursuant to section\nseven thousand six hundred six of this article, that the net value of\nthe property/casualty insurance security fund is at least one hundred\nfifty million dollars, no further contributions shall be made after the\nfund year in which the determination is first made, but if thereafter\nthe superintendent determines that payments made from the fund by the\ncommissioner to the superintendent acting as liquidator, rehabilitator\nor conservator have reduced the net value to an amount less than such\namoun
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