Amends the insurance law to modify procedures for appointing conservators and ancillary receivers for domestic and foreign insurers.

The bill amends the insurance law to change the process for appointing conservators and ancillary receivers for domestic and foreign insurers. Specifically, it allows the superintendent to apply for an order to conserve the assets of a domestic or foreign insurer under certain conditions. It also modifies the process for appointing the superintendent as an ancillary receiver for foreign or alien insurers. The changes apply to all appointments made after the effective date of the act.

Amends the insurance law to modify procedures for appointing conservators and ancillary receivers for domestic and foreign insurers.

The bill amends the insurance law to change the process for appointing conservators and ancillary receivers for domestic and foreign insurers. Specifically, it allows the superintendent to apply for an order to conserve the assets of a domestic or foreign insurer under certain conditions. It also modifies the process for appointing the superintendent as an ancillary receiver for foreign or alien insurers. The changes apply to all appointments made after the effective date of the act.