New York Public Motor Vehicle Liability Security Fund

Document Sample
New York Public Motor Vehicle Liability Security Fund Powered By Docstoc
					                                              NATIONAL CONFERENCE OF INSURANCE GUARANTY FUNDS
                                                      OF THE VARIOUS STATES & U.S. TERRITORIES

                                                                  NEW YORK (NEW YORK PROPERTY/CASUALTY INSURANCE SECURITY FUND)
  CITATION &              MODEL OR
                                                                                                                                                                                                          SEPARATE             MAXIMUM                    RECOUPMENT                    BASE
  EFFECTIVE                SIMILAR                                                                          COVERED CLAIMS
                                                                                                                                                                                                          ACCOUNTS             ANNUAL %                    PROVISION                    YEAR
     DATE                    ACT
N.Y. Ins. Law §7601 et          None           COVERED LINES OF BUSINESS                                                                                                                                             None   Insurer required to pay       Rates and premiums.          See
seq. (McKinney); 1969.                         Auto (limited to coverage for accident occurring in state, or involving motor vehicle principally garaged in state), fire, property, burglary and theft,                     quarterly based upon                                       "Maximum
                                               animal, personal injury and property damage liability, fidelity and surety, motor vehicle and aircraft physical damage, marine and inland marine                             premiums for that                                          Annual %"
                                               and marine protection and indemnity insurance, insurance written by medical malpractice insurance association, motor vehicle lessor gap                                      quarter into fund .5% of                                   column.
                                               insurance, and motor vehicle lessee gap insurance. Workers' compensation claims are covered by a separate workers' compensation security fund.                               total premiums, to
                                                                                                                                                                                                                            maintain a balance of at
                                               UNEARNED PREMIUM is covered up to $1,000,000.                                                                                                                                least $150 million.

                                               COVERED CLAIM defined as unpaid claim under covered policy of insolvent insurer which has been timely filed against the receiver. Covered
                                               claim also required to be allowed claim, which is further defined as a claim under a policy insuring property or risks located in the state, or a policy
                                               issued in the state to a resident insuring property or risks located with U.S., its possessions and territories.

                                                                                    LIMITS ON CLAIMS

   MINIMUM PER            MAXIMUM PER                                                                                                         OTHER                                                        TERMINATION
                                                     NET WORTH PROVISION                                                                                                                                                                             MISCELLANEOUS
      CLAIM                  CLAIM                                                                                                                                                                          PROVISION

         None            $1,000,000 per                          None                         NONCOVERED CLAIMS                                                                                               None          Note: This state has a separate fund (public motor vehicle liability
                         claim; with a                                                        Claims covered by other insurance and other guaranty associations.                                                            security fund) for livery vehicles, details of which are not included
                         further limit of                                                                                                                                                                                   hereunder.
                         $5,000,000 for all                                                   No payment from the fund shall be made to any person who owns or controls ten percent or more of
                         claims arising out                                                   the voting securities of insolvent insurer.                                                                                   Insurer defined as any insurer other than an insolvent insurer or a
                         of any one policy,                                                                                                                                                                                 risk retention group authorized to transact any covered line of
                         for policies issued                                                                                                                                                                                business.
                         to residents
                         insuring property                                                                                                                                                                                  Fund is controlled and managed by superintendent of insurance.
                         or risks located
                         outside the state.                                                                                                                                                                                 Summary current through December 31, 2009.

Shared By:
Description: New York Public Motor Vehicle Liability Security Fund document sample