New York Laws
Article 77 - The Life and Health Insurance Company Guaranty Corporation of New York Act
7720 - Penalties.

(b) Any member insurer that fails to make any such required statement,
or to make any payment to the fund when due, shall forfeit to the
corporation for deposit in the fund a penalty of five percent of the
amount determined to be due plus one percent of such amount for each
month of delay, or fraction thereof, after the expiration of the first
month of such delay. If satisfied that the delay was excusable, the
corporation may remit all or any part of the penalty.
(c) The superintendent, in the superintendent's discretion, may revoke
the certificate of authority to do business in this state of any foreign
member insurer that fails to comply with this article or to pay any
penalty imposed hereunder.

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