New York Insurance Law Section 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.

Last modified: February 3, 2019