Bill > A10084

This bill amends New York's insurance law to clarify and expand the circumstances under which the Superintendent of Insurance can take control of a domestic insurer's assets, a process known as conservation. Previously, the Superintendent could only conserve the assets of foreign or alien insurers under specific conditions, such as if the insurer consented or had its property seized elsewhere. This bill allows the Superintendent to apply for conservation orders for domestic insurers under similar grounds as those for foreign insurers, including if the insurer is found to be insolvent or engaging in hazardous practices as outlined in section 7402 of the insurance law. Additionally, the bill clarifies the Superintendent's role and powers when conserving a domestic insurer's assets, empowering them to analyze the insurer's condition and take necessary actions to correct problems and restore normal operations. The changes also update references to the Superintendent's role from singular ("him") to plural ("them") to reflect the office rather than an individual.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A10084