Section 7706. Creation of the corporation

(a)  There  is  created  a
  not-for-profit corporation to be known as "The  Life  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.