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§7705
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§7705 . Definitions. As used in this article:
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§7705(a)
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(a) "Account" means any of the 2 accounts created under §7706 of this article.
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§7705(b)
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(b) "Contractual obligations" means any obligation under covered policies, but shall not include any obligation with respect to policyholder dividends unpaid or unapplied, retrospective rate credits or similar benefits or provisions.
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§7705(c)
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(c) "Corporation" means The Life Insurance Company Guaranty Corporation of New York created under §7706 of this article unless the context otherwise requires.
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§7705(d)
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(d) "Covered policy" means any of the kinds of insurance specified in paragraph §1113(a)(1) , §1113(a)(2) or §1113(a)(3) of this chapter, or any funding agreement referred to in §3222 of this chapter, or any portion or part thereof, within the scope of this article under §7703 of this article, except that any certificate issued to an individual under any group policy or contract shall be considered to be a separate covered policy for purposes of §7708 of this article.
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§7705(e)
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(e) "Health insurance" means the kinds of insurance specified under items §1113(a)(3)(i) and §1113(a)(3)(ii) of this chapter.
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§7705(f)
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(f) "Impaired insurer" means a member insurer which after the effective date of this article is found to be impaired for the purposes of §1310 or §1311 of this chapter and is consequently placed under an order of liquidation, rehabilitation or conservation under article 74 of this chapter.
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§7705(g)
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(g) "Insolvent insurer" means a member insurer which after the effective date of this article becomes insolvent for the purposes of §1309 of this chapter and is placed under a final order of liquidation, rehabilitation or conservation by a court of competent jurisdiction.
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§7705(h)
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(h) "Member insurer" means any life insurance company licensed to transact in this state any kind of insurance to which this article applies under §7703 of this article. Solely for purposes of subsections (this §)(f) and (this §)(g) ,the term "member insurer" shall also mean any life insurance company formerly licensed to transact in this state any kind of insurance to which this article applies under §7703 of this article.
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§7705(i)
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(i) "Premiums" means direct gross insurance premiums and annuity and funding agreement considerations received on covered policies, less return premiums and considerations thereon and dividends paid or credited to policyholders on such direct business, subject to such modifications as the superintendent may establish by regulation or order as necessary to facilitate the equitable administration of this article. Premiums do not include premiums and considerations on contracts between insurers and reinsurers. For the purposes of determining the assessment for an insurer under this article, the term "premiums", with respect to a group annuity contract (or portion of any such contract) that does not guarantee annuity benefits to any specific individual identified in the contract and with respect to any funding agreement issued to fund benefits under any employee benefit plan, means the lesser of $1,000,000 or the premium attributable to that portion of such group contract that does not guarantee benefits to any specific individuals or such agreements that fund benefits under any employee benefit plan.
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§7705(j)
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(j) "Person" means any individual, corporation, partnership, association or voluntary organization.
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§7705(k)
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(k) "Resident" means any person to whom contractual obligations are owed and who either (1) resides in this state at the time a member insurer is determined to be an impaired or insolvent insurer, or (2) resided in this state at the time a member insurer issued a covered policy to such person. Source Data downloaded: 2009-04-10 09: 20: 52; Processed: 2009-05-08 15: 36: 34
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