New York A10090 amends the insurance law to enhance the superintendent's authority over insurers in hazardous financial conditions.

New York A10090 amends the insurance law to strengthen the superintendent's authority over insurers deemed to be in hazardous financial conditions. The bill allows the superintendent to place insurers under administrative supervision if they are unable to pay obligations, have exceeded their powers, or failed to comply with financial reporting statutes. During supervision, the superintendent can restrict various insurer activities, such as asset disposal or policy renewals. The bill also outlines procedures for hearings and the continuation or termination of administrative supervision.

New York A10090 amends the insurance law to enhance the superintendent's authority over insurers in hazardous financial conditions.

New York A10090 amends the insurance law to strengthen the superintendent's authority over insurers deemed to be in hazardous financial conditions. The bill allows the superintendent to place insurers under administrative supervision if they are unable to pay obligations, have exceeded their powers, or failed to comply with financial reporting statutes. During supervision, the superintendent can restrict various insurer activities, such as asset disposal or policy renewals. The bill also outlines procedures for hearings and the continuation or termination of administrative supervision.