N.Y. Insurance Law § 1219: Misconduct by directors; insolvency

§ 1219. Misconduct by directors; insolvency. (a) Every director of an

insurance corporation who:

(1) in case of the fraudulent insolvency of such corporation, shall

have participated in such fraud, or

(2) as such director, either wilfully does any act expressly forbidden

by statute, or wilfully omits to perform any duty imposed upon him by

statute,

shall be guilty of a misdemeanor, unless otherwise prescribed by law.

(b) The insolvency of an insurance corporation is deemed fraudulent

unless its affairs appear upon investigation to have been administered

fairly, legally and with the same care and diligence that agents

receiving a compensation for their services are bound, by law, to

observe.