N.Y. Insurance Law Section 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 § 7406 (Grounds for conservation of assets of foreign or alien insurer)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 § 7408 (Uniform insurers liquidation act)section seven thousand four hundred eight of this article, the superintendent, upon request of the domiciliary receiver, shall, notwithstanding subsection (a) of § 7410 (Conduct of delinquency proceedings against insurers not domiciled in this state)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 § 7408 (Uniform insurers liquidation act)section seven thousand four hundred eight of this article, the superintendent, upon request of the domiciliary receiver, shall, notwithstanding subsection (a) of § 7410 (Conduct of delinquency proceedings against insurers not domiciled in this state)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 § 7410 (Conduct of delinquency proceedings against insurers not domiciled in this state)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.

Source: Section 7407 — Order of conservation or ancillary liquidation of a foreign or alien insurer, https://www.­nysenate.­gov/legislation/laws/ISC/7407 (updated Sep. 22, 2014; accessed Dec. 21, 2024).

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

Accessed:
Dec. 21, 2024

Last modified:
Sep. 22, 2014

§ 7407’s source at nysenate​.gov

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