New York S08258 amends the insurance law to enhance the superintendent's authority over insurers in hazardous financial conditions.

New York S08258 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 their business operations pose a risk to policyholders, creditors, or the public. During supervision, the superintendent can prohibit certain activities, such as asset disposal or new policy approvals, without prior approval. The insurer bears the costs of supervision.

New York S08258 amends the insurance law to enhance the superintendent's authority over insurers in hazardous financial conditions.

New York S08258 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 their business operations pose a risk to policyholders, creditors, or the public. During supervision, the superintendent can prohibit certain activities, such as asset disposal or new policy approvals, without prior approval. The insurer bears the costs of supervision.