N.Y. Insurance Law § 1309: Insolvency of an insurer

§ 1309. Insolvency of an insurer. (a) Whenever the superintendent

finds from a financial statement or report on examination that an

authorized insurer is unable to pay its outstanding lawful obligations

as they mature in the regular course of business, as shown by an excess

of required reserves and other liabilities over admitted assets, or by

its not having sufficient assets to reinsure all outstanding risks with

other solvent authorized assuming insurers after paying all accrued

claims owed, such insurer shall be deemed insolvent and the

superintendent may proceed against it pursuant to the provisions of

article seventy-four of this chapter.

(b) If an insurer deemed insolvent pursuant to subsection (a) hereof

is a foreign or alien insurer, the superintendent may also revoke or

suspend its license to do business in this state.