Statute · New York Insurance Law
N.Y. Ins. Law § 5205 — Liability of directors and members
N.Y. Ins. Law § 5205
- Type
- Statute
- Source
- New York Insurance Law
- Jurisdiction
- New York
- Current through
- Nov 5, 2026 (NY Senate Open Legislation)
§ 5205. Liability of directors and members. (a) No director shall be individually liable for anything done or any liability incurred or assumed by virtue of this article and any such liability shall be collectible only from the corporation.
Citator
N.Y. Ins. Law § 5205 — Liability of directors and members is in force in the current edition of the Code, and nothing recorded condemns it.
§ 5205. Liability of directors and members. (a) No director shall be individually liable for anything done or any liability incurred or assumed by virtue of this article and any such liability shall be collectible only from the corporation.
(b) No member shall be subject to any liability except for unpaid assessments.