§ 7008 — Suspension or revocation of license

New York § 7008

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 70: Captive Insurance Companies

Text

§ 7008. Suspension or revocation of license. (a) The license of a\ncaptive insurance company to do a captive insurance business in this\nstate may be suspended or revoked by the superintendent for any of the\nfollowing reasons:\n (1) insolvency or impairment of required capital or surplus to\npolicyholders;\n (2) refusal or failure to submit an annual report, as required by\nsection seven thousand six of this article, or any other report or\nstatement required by law or by lawful order of the superintendent;\n (3) failure to comply with the provisions of its own charter or\nbylaws;\n (4) failure to submit to examination or any legal obligation relative\nthereto, as required by section seven thousand seven of this article;\n (5) refusal or failure to pay the cost of examination as required by\nsection seven thousand seven of this article;\n (6) refusal or failure to pay the taxes as required by section seven\nthousand twelve of this article and section fifteen hundred two-b of the\ntax law;\n (7) removal of home office or records from this state;\n (8) use of practices that, although not otherwise specifically\nprohibited by law, nevertheless render its operation detrimental or its\ncondition unsound with respect to the public or to its policyholders; or\n (9) failure to otherwise comply with laws of this state.\n (b) If the superintendent finds, upon examination, hearing, or other\ninvestigation, that any captive insurance company has committed any of\nthe acts specified in subsection (a) of this section, the license to do\na captive business may be suspended or revoked. In addition, the\nlicense to do a captive business may be suspended or revoked if it is\ndeemed to be in the best interests of the public and the policyholders\nof such captive insurance company, notwithstanding any other provision\nof this article.\n