N.Y. Insurance Law § 7407: Order of conservation or ancillary liquidation of a foreign or alien insurer

§ 7407. Order of conservation or ancillary liquidation of a foreign or

alien insurer. (a) An order to conserve the assets of a foreign or alien

insurer shall direct the superintendent and his successors in office, as

conservator, forthwith to take possession of, and conserve, the

insurer's property within this state, subject to the court's further

direction.

(b) Where the superintendent has been appointed pursuant to the

provisions of section seven thousand four hundred six of this article as

conservator of the assets within the state of a foreign or alien

insurer, for which a domiciliary receiver is subsequently appointed for

such insurer in its domiciliary state which is also a reciprocal state,

as defined in section seven thousand four hundred eight of this article,

the superintendent, upon request of the domiciliary receiver, shall,

notwithstanding subsection (a) of section seven thousand four hundred

ten of this article, apply to the court in which such conservation

proceeding was commenced for an order appointing the superintendent as

ancillary receiver for such foreign or alien insurer.

(c) Whenever a domiciliary receiver is appointed for any insurer in

its domiciliary state which is also a reciprocal state, as defined in

section seven thousand four hundred eight of this article, the

superintendent, upon request of the domiciliary receiver, shall,

notwithstanding subsection (a) of section seven thousand four hundred

ten of this article, apply to a court of competent jurisdiction for an

order appointing the superintendent as ancillary receiver of such

insurer.

(d) Notwithstanding subsection (a) of section seven thousand four

hundred ten of this article, the court may on the application of the

superintendent pursuant to subsection (b) or (c) of this section appoint

the superintendent as the ancillary receiver in this state, subject to

the provisions of sections seven thousand four hundred eight through

seven thousand four hundred fifteen of this article. Subject to the

provisions of such sections, the rights and duties of the superintendent

with reference to such insurer and such assets shall include those

heretofore exercised by and imposed upon ancillary receivers of foreign

corporations in this state.