§ 7705. Definitions. As used in this article:\n (a) "Account" means any of the two accounts created under section\nseven thousand seven hundred six of this article.\n (b) "Contractual obligations" means any obligation under covered\npolicies, but shall not include any obligation with respect to\npolicyholder dividends unpaid or unapplied, retrospective rate credits\nor similar benefits or provisions.\n (c) "Corporation" means The Life and Health Insurance Company Guaranty\nCorporation of New York created under section seven thousand seven\nhundred six of this article unless the context otherwise requires.\n (d) "Covered policy" means any of the kinds of insurance specified in\nparagraph one, two or three of subsection (a) of section one thousand\none hundred thirteen of this chapter, any supplemental contract, or any\nfunding agreement referred to in section three thousand two hundred\ntwenty-two of this chapter, or any portion or part thereof, within the\nscope of this article under section seven thousand seven hundred three\nof this article, except that any certificate issued to an individual\nunder any group or blanket policy or contract shall be considered to be\na separate covered policy for purposes of section seven thousand seven\nhundred eight of this article.\n (e) "Health insurance" means the kinds of insurance specified under\nitems (i) and (ii) of paragraph three and paragraph thirty-one of\nsubsection (a) of section one thousand one hundred thirteen of this\nchapter, and section one thousand one hundred seventeen of this chapter;\nmedical expense indemnity, dental expense indemnity, hospital service,\nor health service under article forty-three of this chapter; and\ncomprehensive health services under article forty-four of the public\nhealth law. "Health insurance" shall not include hospital, medical,\nsurgical, prescription drug, or other health care benefits pursuant to:\n(1) part C of title XVIII of the social security act (42 U.S.C. §\n1395w-21 et seq.) or part D of title XVIII of the social security act\n(42 U.S.C. § 1395w-101 et seq.), commonly known as Medicare parts C and\nD, or any regulations promulgated thereunder; (2) titles XIX and XXI of\nthe social security act (42 U.S.C. § 1396 et seq.), commonly known as\nthe Medicaid and child health insurance programs, or any regulations\npromulgated thereunder; (3) the basic health program under section three\nhundred sixty-nine-gg of the social services law; (4) chapter 55 of part\nII of subtitle A of title X (10 U.S.C §§ 1071-1110(b)), commonly known\nas TRICARE, or any regulations promulgated thereunder; or (5) subpart G\nof part III of title V (5 U.S.C. §§ 8101-9009), commonly known as the\nFederal Employees Program, or any regulations promulgated thereunder.\n (f) "Impaired insurer" means a member insurer which after the\neffective date of this article is found to be impaired for the purposes\nof section one thousand three hundred ten or one thousand three hundred\neleven of this chapter and is consequently placed under an order of\nliquidation, rehabilitation or conservation under article seventy-four\nof this chapter.\n (g) "Insolvent insurer" means a member insurer which after the\neffective date of this article becomes insolvent for the purposes of\nsection one thousand three hundred nine of this chapter and is placed\nunder a final order of liquidation, rehabilitation or conservation by a\ncourt of competent jurisdiction.\n (h) (1) "Member insurer" means:\n (A) any life insurance company licensed to transact in this state any\nkind of insurance to which this article applies under section seven\nthousand seven hundred three of this article; provided, however, that\nthe term "member insurer" also means any life insurance company formerly\nlicensed to transact in this state any kind of insurance to which this\narticle applies under section seven thousand seven hundred three of this\narticle; and\n (B) an insurer licensed or formerly licensed t
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.