New York S08259 amends insurance law to modify orders of conservation for domestic insurers.

New York S08259 amends the insurance law to change the grounds for conservation of assets of a domestic, foreign, or alien insurer. The superintendent can now apply for an order to conserve assets based on specific grounds or if the insurer consents or has had its property sequestrated. The bill also modifies the process for appointing ancillary receivers for foreign or alien insurers. These changes apply to all appointments made after the bill's effective date.

New York S08259 amends insurance law to modify orders of conservation for domestic insurers.

New York S08259 amends the insurance law to change the grounds for conservation of assets of a domestic, foreign, or alien insurer. The superintendent can now apply for an order to conserve assets based on specific grounds or if the insurer consents or has had its property sequestrated. The bill also modifies the process for appointing ancillary receivers for foreign or alien insurers. These changes apply to all appointments made after the bill's effective date.