N.Y. Insurance Law § 7406: Grounds for conservation of assets of foreign or alien insurer

§ 7406. Grounds for conservation of assets of foreign or alien

insurer. (a) The superintendent may apply under this article for an

order directing the superintendent to conserve the assets within the

state of a foreign insurer upon:

(1) any of the grounds specified in subsection (a) through (g), (j),

(k) or (o) of section seven thousand four hundred two of this article,

or

(2) upon the ground that such insurer has consented to such an order

through a majority of its directors, shareholders or members, or has had

its property sequestrated in its domiciliary country or state or in any

other country or state.

(b) The superintendent may apply under this article for an order

directing him to conserve the assets within this state of an alien

insurer, except one which has its trusteed assets in this state, on any

of the grounds specified in subsection (a), (b), (d) through (g), (j) or

(k) of section seven thousand four hundred two of this article, or upon

the ground that it has failed or refused to comply, within the time

designated by the superintendent, with an order of the superintendent,

pursuant to law, to rectify an impairment of its trusteed surplus, or

that it has consented to such an order through a majority of its

directors, shareholders or members, or has had its property sequestrated

in its domiciliary country or elsewhere.