N.Y. Insurance Law Section 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 § 7402 (Grounds for rehabilitation of domestic insurer)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 § 7402 (Grounds for rehabilitation of domestic insurer)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.

Source: Section 7406 — Grounds for conservation of assets of foreign or alien insurer, https://www.­nysenate.­gov/legislation/laws/ISC/7406 (updated Sep. 22, 2014; accessed Mar. 9, 2025).

7401
Application of article 7402
Grounds for rehabilitation of domestic insurer 7403
Order of rehabilitation 7404
Grounds for liquidation 7405
Order of liquidation 7406
Grounds for conservation of assets of foreign or alien insurer 7407
Order of conservation or ancillary liquidation of a foreign or alien insurer 7408
Uniform insurers liquidation act 7409
Conduct of delinquency proceedings against insurers domiciled in this state 7410
Conduct of delinquency proceedings against insurers not domiciled in this state 7411
Filing and proving of claims of non-residents against delinquent insurers domiciled in this state 7412
Filing and proving of claims of residents against delinquent insurers domiciled in reciprocal states 7413
Priority of preferred claims, special deposit claims and secured claims 7414
Attachment and garnishment of assets 7415
Uniformity of interpretation 7416
Grounds for dissolution of domestic insurer 7417
Commencement of a proceeding 7418
Service of order to show cause 7419
Injunctions 7420
Annual report 7421
Removal of proceedings 7422
Appointment of deputies 7423
Exemption from filing fees 7424
Deposit of monies collected 7425
Voidable transfers 7427
Offsets 7428
Disposition of assets and compromise of claims 7429
Borrowing on the pledge of assets 7430
Levy of assessments 7431
Determination of liability of members for other indebtedness 7432
Adjudication of insolvency of insurer 7433
Proof and allowance of claims 7433–A
Loan to workers’ compensation security fund 7434
Distribution of assets 7435
Distribution for life insurers 7436
Claims-made policies 7437
Qualified financial contracts
Green check means up to date. Up to date

Accessed:
Mar. 9, 2025

Last modified:
Sep. 22, 2014

§ 7406’s source at nysenate​.gov

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