§ 7406 — Grounds for conservation of assets of foreign or alien insurer

New York § 7406

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 74: Rehabilitation, Liquidation, Conservation and Dissolution of Insurers

Text

§ 7406. Grounds for conservation of assets of foreign or alien\ninsurer. (a) The superintendent may apply under this article for an\norder directing the superintendent to conserve the assets within the\nstate of a foreign insurer upon:\n (1) any of the grounds specified in subsection (a) through (g), (j),\n(k) or (o) of section seven thousand four hundred two of this article,\nor\n (2) upon the ground that such insurer has consented to such an order\nthrough a majority of its directors, shareholders or members, or has had\nits property sequestrated in its domiciliary country or state or in any\nother country or state.\n (b) The superintendent may apply under this article for an order\ndirecting him to conserve the assets within this state of an alien\ninsurer, except one which has its trusteed assets in this state, on any\nof the grounds specified in subsection (a), (b), (d) through (g), (j) or\n(k) of section seven thousand four hundred two of this article, or upon\nthe ground that it has failed or refused to comply, within the time\ndesignated by the superintendent, with an order of the superintendent,\npursuant to law, to rectify an impairment of its trusteed surplus, or\nthat it has consented to such an order through a majority of its\ndirectors, shareholders or members, or has had its property sequestrated\nin its domiciliary country or elsewhere.\n