N.Y. Insurance Law Section 7431
Determination of liability of members for other indebtedness

(a)

If it shall appear that a member of a domestic mutual insurer is indebted to such insurer, apart from his liability to assessment, the court may, upon the application of the superintendent, in any order under § 7430 (Levy of assessments)section seven thousand four hundred thirty of this article directing such member to show cause why he should not be held liable to pay an assessment, likewise direct him to show cause why he should not be held liable to pay such indebtedness.

(b)

The liability of such member for such indebtedness shall be determined in the same manner, and at the same time, as his liability for such assessment is determined, and the superintendent may have judgment therefor, without any additional costs.

Source: Section 7431 — Determination of liability of members for other indebtedness, https://www.­nysenate.­gov/legislation/laws/ISC/7431 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

7401
Application of article 7402
Grounds for rehabilitation of domestic insurer 7403
Order of rehabilitation 7404
Grounds for liquidation 7405
Order of liquidation 7406
Grounds for conservation of assets of foreign or alien insurer 7407
Order of conservation or ancillary liquidation of a foreign or alien insurer 7408
Uniform insurers liquidation act 7409
Conduct of delinquency proceedings against insurers domiciled in this state 7410
Conduct of delinquency proceedings against insurers not domiciled in this state 7411
Filing and proving of claims of non-residents against delinquent insurers domiciled in this state 7412
Filing and proving of claims of residents against delinquent insurers domiciled in reciprocal states 7413
Priority of preferred claims, special deposit claims and secured claims 7414
Attachment and garnishment of assets 7415
Uniformity of interpretation 7416
Grounds for dissolution of domestic insurer 7417
Commencement of a proceeding 7418
Service of order to show cause 7419
Injunctions 7420
Annual report 7421
Removal of proceedings 7422
Appointment of deputies 7423
Exemption from filing fees 7424
Deposit of monies collected 7425
Voidable transfers 7427
Offsets 7428
Disposition of assets and compromise of claims 7429
Borrowing on the pledge of assets 7430
Levy of assessments 7431
Determination of liability of members for other indebtedness 7432
Adjudication of insolvency of insurer 7433
Proof and allowance of claims 7433‑A
Loan to workers’ compensation security fund 7434
Distribution of assets 7435
Distribution for life insurers 7436
Claims-made policies 7437
Qualified financial contracts
Green check means up to date. Up to date

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 7431’s source at nysenate​.gov

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