This text of New York § 1510 (Violations; penalties; jurisdiction over non-domiciliaries) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 1510. Violations; penalties; jurisdiction over non-domiciliaries.\n(a) In addition to any other penalty provided by law, the superintendent\nmay, upon the wilful failure of any person within a holding company\nsystem to comply with this article or any regulation or order\npromulgated hereunder:\n (1) proceed under article seventy-four of this chapter with respect to\na domestic insurer within the holding company system;\n (2) revoke or refuse to renew the authority to do business in this\nstate of an authorized foreign or alien insurer within the holding\ncompany system or refuse to issue such authority to any other insurer in\nthe system;\n (3) request the attorney general to commence a proceeding utilizing\nthe procedures of sections seven thousand four hundred seventeen and\nseve
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§ 1510. Violations; penalties; jurisdiction over non-domiciliaries.\n(a) In addition to any other penalty provided by law, the superintendent\nmay, upon the wilful failure of any person within a holding company\nsystem to comply with this article or any regulation or order\npromulgated hereunder:\n (1) proceed under article seventy-four of this chapter with respect to\na domestic insurer within the holding company system;\n (2) revoke or refuse to renew the authority to do business in this\nstate of an authorized foreign or alien insurer within the holding\ncompany system or refuse to issue such authority to any other insurer in\nthe system;\n (3) request the attorney general to commence a proceeding utilizing\nthe procedures of sections seven thousand four hundred seventeen and\nseven thousand four hundred eighteen of this chapter to enforce\ncompliance or, where appropriate, for an order directing the termination\nof control of a domestic insurer; or\n (4) direct that, in addition to any other penalty provided by law,\nsuch person forfeit to the people of this state a sum not exceeding five\nhundred dollars for a first violation and two thousand five hundred\ndollars for any subsequent violation. An additional sum not exceeding\ntwo thousand five hundred dollars shall be imposed for each month during\nwhich any such violation shall continue.\n (b) If the superintendent finds after notice and opportunity to be\nheard that any domestic controlled insurer or any policyholder thereof\nhas suffered any loss or damage because of the wilful violation of this\narticle, or of any regulation or order promulgated hereunder, by any\nperson within the insurer's holding company system, he may request the\nattorney general to maintain a civil action in the name of the people of\nthe state or intervene in an action brought by or on behalf of the\ninsurer or policyholder for the recovery of compensatory damages for the\nbenefit of the insurer or policyholder or for other appropriate relief.\n (c) As to any cause of action enumerated in this section a court may\nexercise personal jurisdiction over any non-domiciliary who controls or\nis an officer or director of a person who controls a domestic insurer.\n (d) Whenever it appears to the superintendent that any person has\ncommitted a violation of section one thousand five hundred six of this\narticle that prevents the full understanding of the enterprise risk\nposed to the insurer by the holding company system, the violation may\nserve as an independent basis for disapproving dividends or\ndistributions or as grounds for rehabilitation or liquidation pursuant\nto article seventy-four of this chapter.\n