NY S07320

Expands coverage protections under New York's life insurance guaranty corporation to include non-residents under specified conditions, including when the insurer is domiciled in New York, the person's home state has a similar guaranty entity, and the person is ineligible for coverage in their home state.

Increases the aggregate liability cap for group annuity contracts and employee benefit plan funding agreements from $500,000 to $1,000,000 per covered policy.

Adds definition of "supplemental contract" as an agreement for distribution of proceeds under life insurance policies, health insurance policies, annuity contracts, or funding agreements to the scope of covered policies.

Creates authority for 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 total assessment cap against all member insurers from $500 million to $558 million for a specific domestic insurer under rehabilitation as of March 1, 2012, with a potential reduction of up to $58 million after liquidation.