N.Y. Insurance Law 5220 – Notice of judgment to commissioner
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§ 5220. Notice of judgment to commissioner. The corporation shall give notice to the commissioner of the entry of any judgment upon which a claim is made against the corporation under this article and of the payment of any such judgment, or the payment or settlement of any claim by the corporation.
Terms Used In N.Y. Insurance Law 5220
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.