New York Consolidated Laws, Banking Law - BNK § 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: