Insurance Law 7717 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 7716 Immunity and indemnification up ARTICLE 77 The Life and Health Insurance Company Guaranty Corporation of New York Act next SECTION 7718 Prohibited advertisement of the corporation in sale of insurance Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 7717 Stay of proceedings; reopening default judgments Insurance (ISC) CHAPTER 28, ARTICLE 77 § 7717. Stay of proceedings; reopening default judgments. All proceedings in which the impaired or insolvent insurer is a party in any court in this state shall be stayed sixty days from the date an order of liquidation, rehabilitation, or conservation is final to permit proper legal action by the corporation on any matters germane to its powers or duties. As to judgment under any decision, order, verdict or finding based on default the corporation may apply to have such judgment set aside by the same court that made such judgment and, if such application is granted in the court's discretion, the corporation shall be permitted to defend against such suit on the merits. The provisions of this section shall be in addition to any other provision provided by law.