§ 7706. Creation of the corporation. (a) There is created a
not-for-profit corporation to be known as "The Life and Health Insurance
Company Guaranty Corporation of New York". To the extent that the
provisions of the not-for-profit corporation law do not conflict with
the provisions of this article or the plan of operation of the
corporation hereunder the not-for-profit corporation law shall apply to
the corporation and the corporation shall be a type C corporation
pursuant to the not-for-profit corporation law. If an applicable
provision of this article or the plan of operation of the corporation
hereunder relates to a matter embraced in a provision of the
not-for-profit corporation law but is not in conflict therewith, both
provisions shall apply. All member insurers shall be and remain members
of the corporation as a condition of their authority to transact
insurance in this state. The corporation shall perform its functions
under the plan of operation established and approved under section seven
thousand seven hundred ten of this article and shall exercise its powers
through a board of directors established under section seven thousand
seven hundred seven of this article. For purposes of administration and
assessment the corporation shall maintain two accounts:

(1) the health insurance account; and

(2) the life insurance, annuity and funding agreement account.

(b) The corporation shall come under the immediate supervision of the
superintendent and shall be subject to the applicable provisions of this
article.