N.Y. ISC Law § 1104 — New York Code / Act ISC / Article 11 / Section 1104
Revocation or suspension of license; restriction of license authority or limitation on premiums written
Status: in_force

§ 1104. Revocation or suspension of license; restriction of license\nauthority or limitation on premiums written. (a) The superintendent may\nrevoke any license issued to any foreign or alien insurer to do an\ninsurance business in this state if, after notice to and hearing, he\nfinds that such insurer has failed to comply with any requirement\nimposed upon it by the provisions of this chapter and if in his judgment\nsuch revocation is reasonably necessary to protect the interests of the\npeople of this state. The superintendent may in his discretion reinstate\nany such license if he finds that a ground for such revocation no longer\nexists.\n  (b) The superintendent shall revoke the certificate of authority of\nany corporation or agent convicted of violating section two thousand six\nhundred three of this chapter.\n  (c) The superintendent may suspend the license, restrict the license\nauthority, or limit the amount of premiums written in this state of any\naccident and health insurance company, property/casualty insurance\ncompany, co-operative property/casualty insurance company, title\ninsurance company, mortgage guaranty insurance company, reciprocal\ninsurer, Lloyds underwriters or nonprofit property/casualty insurance\ncompany, except those insurers subject to the provisions of subsection\n(c) of section two thousand three hundred forty-three of this chapter,\nif after a hearing on a record, unless waived by the affected insurer,\nthe superintendent determines that such insurer's surplus to\npolicyholders is not adequate in relation to the insurer's outstanding\nliabilities or to its financial needs. All matters pertaining to a\nproceeding or determination pursuant to this subsection shall be\nconfidential and not subject to subpoena or public inspection under\narticle six of the public officers law or any other statute, except to\nthe extent that the superintendent finds release of information\nnecessary to protect the public. The hearing shall be initiated within\ntwenty days after written notice to the insurer. Any determination\npursuant to this subsection shall contain findings specifying the\nfactors deemed significant in regard to the particular insurer, and\nshall set forth the reasons supporting the suspension, restriction or\nlimitation ordered by the superintendent. The following factors shall be\nconsidered by the superintendent in making such determination:\n  (1) the size of the insurer as measured by its admitted assets,\ncapital and surplus to policyholders, reserves, premium writings,\ninsurance in force and other appropriate criteria, with such surplus to\npolicyholders for foreign insurers adjusted in accordance with section\none thousand four hundred thirteen of this chapter;\n  (2) the extent to which the insurer's business is diversified among\nthe several kinds of insurance;\n  (3) the number and size of risks insured in each kind of insurance and\nthe insurer's loss experience in regard to such risks;\n  (4) the extent of geographical dispersion of the insurer's risks;\n  (5) the nature and extent of the insurer's reinsurance program;\n  (6) the quality, diversification and liquidity of the insurer's\ninvestment portfolio;\n  (7) the recent past and projected future trends in regard to the\ninsurer's loss experience and in the size of the insurer's surplus to\npolicyholders;\n  (8) the surplus to policyholders maintained by other comparable\ninsurers;\n  (9) the adequacy of the insurer's reserves; and\n  (10) the quality and liquidity of investments in subsidiaries made\npursuant to this chapter.\n  (d) The superintendent shall identify and review those licensed\nproperty/casualty insurers needing immediate or targeted regulatory\nattention, and shall include the number of insurers so identified in the\nreport required by section three hundred thirty-four of this chapter.\nSuch report shall also include the name of each licensed\nproperty/casualty insurer placed in formal conservatorship,\nrehabilitation or liquidation during the preceding year. Nothing herein\nshall be construed to restrict or diminish any right or power of the\nsuperintendent under any other provision of this chapter.\n