Section 655. Maximum amount of insurance

1. Subject to the provisions of
  subdivisions two and three  of  this  section,  the  maximum  amount  of
  insurance  that any claimant shall be entitled to shall be determined by
  the superintendent after taking into account the amount of  claims,  the
  amount  of  the  fund,  including  the  authority  of  the  fund to make
  assessments pursuant to section six hundred fifty-seven of this article,
  and any claim for recovery which the fund would  have  pursuant  to  the
  provisions of section six hundred forty-three of this chapter.
    2.  No  insurance shall be paid on any New York instrument payable for
  an amount in excess of one thousand dollars, other than those  New  York
  instruments issued for the purpose of paying utility bills.
    3.  The  maximum  amount  of  insurance  which  any  claimant shall be
  entitled to shall be determined as follows:
    a. If the claimant is a purchaser, the  maximum  amount  of  insurance
  which  such  purchaser  shall  be  entitled  to  on all insured New York
  instruments purchased by said purchaser shall be five thousand dollars.
    b. If the claimant is a holder, the maximum amount of insurance  which
  such  holder  shall be entitled to shall be the aggregate of the amounts
  which would have been due to the purchasers  of  the  insured  New  York
  instruments  held  by  the  holder,  had the instruments remained in the
  possession of the purchasers, rather than the holder.