New York Laws
Article 77 - The Life and Health Insurance Company Guaranty Corporation of New York Act
7710 - Plan of Operation.

(2) If the corporation fails to submit a suitable plan of operation
within one hundred eighty days following the effective date of this
article or if at any time thereafter the corporation fails to submit
suitable amendments to the plan, the superintendent shall, after notice
and hearing, adopt and promulgate such reasonable rules as are necessary
or advisable to effectuate the provisions of this article. Such rules
shall continue in force until modified by the superintendent or
superseded by a plan submitted by the corporation and approved by the
superintendent.
(b) All member insurers shall comply with the plan of operation.
(c) The plan of operation shall constitute the bylaws of the
corporation and shall, in addition to requirements enumerated elsewhere
in this article:
(1) Establish procedures for handling the assets of the corporation.
(2) Establish the amount and method of reimbursing members of the
board of directors under section seven thousand seven hundred seven of
this article.
(3) Establish regular places and times for meetings of the board of
directors.
(4) Establish procedures for records to be kept of all financial
transactions of the corporation, its agents and the board of directors.
(5) Establish the procedures whereby selections for the board of
directors will be made and submitted to the superintendent.
(6) Establish any additional procedures for assessments under section
seven thousand seven hundred nine of this article.
(7) Contain such additional provisions as the superintendent or
corporation may deem necessary or proper for the execution of the powers
and duties of the corporation.
(d) The plan of operation may provide that any or all powers and
duties of the corporation, except those under sections seven thousand
seven hundred eight and seven thousand seven hundred nine of this
article, are delegated to a corporation, association or other
organization which performs or will perform functions similar to those
of the corporation, or its equivalent, in two or more states. Such a
corporation, association or organization shall be reimbursed for any
payments made on behalf of the corporation and shall be paid for its
performance of any function of the corporation. A delegation under this
subsection shall take effect only with the approval of both the board of
directors and the superintendent, and may be made only to a corporation,
association or organization which extends protection not substantially
less favorable and effective than that provided by this article.