The Office of General Counsel issued the following opinion on January 23, 2003, representing the position of the New York State Insurance Department.
The Life Insurance Company Guaranty Corporation of New York Act
The inquirer asked about the Life Insurance Guaranty Funds applicability to a policy issued by Company A. Because Company A is not a domestic insurer, the Life Insurance Guaranty Fund (Article 75 of the New York Insurance Law) would not be available. However, Article 77 of the New York Insurance Law, which contains the provisions of The Life Insurance Company Guaranty Corporation of New York Act, is relevant to the inquirers inquiry. The inquirer was advised to review this Article and then submit any questions that the inquirer may have together with the inquirers legal analysis and conclusion. The Department would review the inquirers submission and advise whether it is in agreement.
The inquirer was referred to the Departments web site at www.ins.state.ny.us to access prior Office of General Counsel opinions that may have addressed this topic. Office of General Counsel opinions are also available through Westlaw and NILS.
For further information you may contact Supervising Attorney Joan Siegel at the New York City Office.