N.Y. Insurance Law § 7720: Penalties

§ 7720. Penalties. (a) If any member insurer fails to make any payment

required by this article, or if the superintendent has cause to believe

that any other statement filed is false or inaccurate in any particular,

or that any payment made is incorrect, the superintendent may examine

all the books and records of the member insurer to ascertain the facts

and determine the correct amount to be paid. Based on such finding, the

corporation may proceed in any court of competent jurisdiction to

recover for the benefit of the fund any sums shown to be due upon such

examination and determination.

(b) Any member insurer that fails to make any such required statement,

or to make any payment to the fund when due, shall forfeit to the

corporation for deposit in the fund a penalty of five percent of the

amount determined to be due plus one percent of such amount for each

month of delay, or fraction thereof, after the expiration of the first

month of such delay. If satisfied that the delay was excusable, the

corporation may remit all or any part of the penalty.

(c) The superintendent, in the superintendent's discretion, may revoke

the certificate of authority to do business in this state of any foreign

member insurer that fails to comply with this article or to pay any

penalty imposed hereunder.