§ 7407 — Order of conservation or ancillary liquidation of a foreign or alien insurer

§ 7407. Order of conservation or ancillary liquidation of a foreign or\nalien insurer. (a) An order to conserve the assets of a foreign or alien\ninsurer shall direct the superintendent and his successors in office, as\nconservator, forthwith to take possession of, and conserve, the\ninsurer's property within this state, subject to the court's further\ndirection.\n (b) Where the superintendent has been appointed pursuant to the\nprovisions of section seven thousand four hundred six of this article as\nconservator of the assets within the state of a foreign or alien\ninsurer, for which a domiciliary receiver is subsequently appointed for\nsuch insurer in its domiciliary state which is also a reciprocal state,\nas defined in section seven thousand four hundred eight of this article,\nthe superintendent, upon request of the domiciliary receiver, shall,\nnotwithstanding subsection (a) of section seven thousand four hundred\nten of this article, apply to the court in which such conservation\nproceeding was commenced for an order appointing the superintendent as\nancillary receiver for such foreign or alien insurer.\n (c) Whenever a domiciliary receiver is appointed for any insurer in\nits domiciliary state which is also a reciprocal state, as defined in\nsection seven thousand four hundred eight of this article, the\nsuperintendent, upon request of the domiciliary receiver, shall,\nnotwithstanding subsection (a) of section seven thousand four hundred\nten of this article, apply to a court of competent jurisdiction for an\norder appointing the superintendent as ancillary receiver of such\ninsurer.\n (d) Notwithstanding subsection (a) of section seven thousand four\nhundred ten of this article, the court may on the application of the\nsuperintendent pursuant to subsection (b) or (c) of this section appoint\nthe superintendent as the ancillary receiver in this state, subject to\nthe provisions of sections seven thousand four hundred eight through\nseven thousand four hundred fifteen of this article. Subject to the\nprovisions of such sections, the rights and duties of the superintendent\nwith reference to such insurer and such assets shall include those\nheretofore exercised by and imposed upon ancillary receivers of foreign\ncorporations in this state.\n