NY Ins L § 1104 (2021)
2021 New York Laws ISC - Insurance Article 11 - Licensing of Insurers 1104 - Revocation or Suspension of License; Restriction of License Authority or Limitation on Premiums Written.

§  1104.  Revocation  or suspension of license; restriction of license authority or limitation on premiums written. (a) The superintendent  may revoke  any  license  issued  to  any  foreign or alien insurer to do an insurance business in this state if, after notice  to  and  hearing,  he finds  that  such  insurer  has  failed  to  comply with any requirement imposed upon it by the provisions of this chapter and if in his judgment such revocation is reasonably necessary to protect the interests of  the people of this state. The superintendent may in his discretion reinstate any such license if he finds that a ground for such revocation no longer exists.  (b)  The  superintendent  shall revoke the certificate of authority of any corporation or agent convicted of violating section two thousand six hundred three of this chapter.  (c) The superintendent may suspend the license, restrict  the  license authority,  or limit the amount of premiums written in this state of any accident  and  health  insurance  company,  property/casualty  insurance company,   co-operative   property/casualty   insurance  company,  title insurance  company,  mortgage  guaranty  insurance  company,  reciprocal insurer,  Lloyds  underwriters  or nonprofit property/casualty insurance company, except those insurers subject to the provisions  of  subsection (c)  of  section two thousand three hundred forty-three of this chapter, if after a hearing on a record, unless waived by the  affected  insurer, the   superintendent   determines   that   such   insurer's  surplus  to policyholders is not adequate in relation to the  insurer's  outstanding liabilities  or  to  its  financial  needs.  All matters pertaining to a proceeding  or  determination  pursuant  to  this  subsection  shall  be confidential  and  not  subject  to  subpoena or public inspection under article six of the public officers law or any other statute,  except  to the   extent  that  the  superintendent  finds  release  of  information necessary to protect the public. The hearing shall be  initiated  within twenty  days  after  written  notice  to  the insurer. Any determination pursuant to  this  subsection  shall  contain  findings  specifying  the factors  deemed  significant  in  regard  to the particular insurer, and shall set forth the reasons supporting the  suspension,  restriction  or limitation ordered by the superintendent. The following factors shall be considered by the superintendent in making such determination:  (1)  the  size  of  the  insurer  as  measured by its admitted assets, capital  and  surplus  to  policyholders,  reserves,  premium  writings, insurance  in force and other appropriate criteria, with such surplus to policyholders for foreign insurers adjusted in accordance  with  section one thousand four hundred thirteen of this chapter;  (2)  the  extent  to which the insurer's business is diversified among the several kinds of insurance;  (3) the number and size of risks insured in each kind of insurance and the insurer's loss experience in regard to such risks;  (4) the extent of geographical dispersion of the insurer's risks;  (5) the nature and extent of the insurer's reinsurance program;  (6) the  quality,  diversification  and  liquidity  of  the  insurer's investment portfolio;  (7)  the  recent  past  and  projected  future trends in regard to the insurer's loss experience and in the size of the  insurer's  surplus  to policyholders;  (8)  the  surplus  to  policyholders  maintained  by  other comparable insurers;  (9) the adequacy of the insurer's reserves; and  (10) the quality and liquidity of  investments  in  subsidiaries  made pursuant to this chapter.  (d)  The  superintendent  shall  identify  and  review  those licensed property/casualty insurers  needing  immediate  or  targeted  regulatory attention, and shall include the number of insurers so identified in the report  required  by  section three hundred thirty-four of this chapter. Such   report   shall   also   include   the   name   of  each  licensed property/casualty   insurer   placed    in    formal    conservatorship, rehabilitation  or liquidation during the preceding year. Nothing herein shall be construed to restrict or diminish any right  or  power  of  the superintendent under any other provision of this chapter.