Insurance Law 7716 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 7715 Tax exemptions up ARTICLE 77 The Life and Health Insurance Company Guaranty Corporation of New York Act next SECTION 7717 Stay of proceedings; reopening default judgments Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 7716 Immunity and indemnification Insurance (ISC) CHAPTER 28, ARTICLE 77 § 7716. Immunity and indemnification. No director, officer, agent or other representative of the corporation shall be individually liable to any person, firm or corporation, including the corporation, for any act or omission to act, or for any liability incurred or assumed, on behalf of the corporation or by virtue hereof. Any such liability so incurred or assumed shall be indemnified by the corporation. The expense of such indemnification shall be assessed against member insurers in a manner consistent with the method of assessment prescribed in paragraph two of subsection (c) of section seven thousand seven hundred nine of this article; no member company shall be subject to any liability except for assessment as herein provided.