N.Y. Ins. Law § 7706

§ 7706. Creation of the corporation. (a) There is created a\nnot-for-profit corporation to be known as "The Life Insurance Company\nGuaranty Corporation of New York". To the extent that the provisions of\nthe not-for-profit corporation law do not conflict with the provisions\nof this article or the plan of operation of the corporation hereunder\nthe not-for-profit corporation law shall apply to the corporation and\nthe corporation shall be a type C corporation pursuant to the\nnot-for-profit corporation law. If an applicable provision of this\narticle or the plan of operation of the corporation hereunder relates to\na matter embraced in a provision of the not-for-profit corporation law\nbut is not in conflict therewith, both provisions shall apply. All\nmember insurers shall be and remain members of the corporation as a\ncondition of their authority to transact insurance in this state. The\ncorporation shall perform its functions under the plan of operation\nestablished and approved under section seven thousand seven hundred ten\nof this article and shall exercise its powers through a board of\ndirectors established under section seven thousand seven hundred seven\nof this article. For purposes of administration and assessment the\ncorporation shall maintain two accounts:\n (1) the health insurance account; and\n (2) the life insurance, annuity and funding agreement account.\n (b) The corporation shall come under the immediate supervision of the\nsuperintendent and shall be subject to the applicable provisions of this\narticle.\n