NY A09915

Expands coverage of the Life Insurance Guaranty Corporation to include policy owners, insureds, beneficiaries, annuitants, payees, and assignees, not just resident policyowners.

Establishes eligibility criteria for non-resident owners of policies issued by New York-domiciled insurers, provided the person's home state has a similar guaranty entity and the person is not eligible for coverage there.

Defines new terms including "supplemental contract" (agreements for distribution of policy proceeds) and clarifies that the term "member insurer" includes formerly licensed companies.

Authorizes the corporation to establish one or more "resolution facilities" as not-for-profit corporations to administer and dispose of insolvent domestic life insurance company business, subject to superintendent approval and oversight.

Increases the aggregate assessment cap against member insurers from $500 million to $558 million for a specific domestic insurer under rehabilitation as of March 1, 2012, with potential reduction if funds prove unnecessary.