2006 New York Code - Commutation Of Reinsurance Agreements.

 
    §   1321.   Commutation   of   reinsurance   agreements.  (a)  If  the
  superintendent finds that a domestic insurer or a United  States  branch
  of  an alien insurer entered through this state is impaired or insolvent
  within the meaning of this chapter, the superintendent may  permit  such
  insurer  to  utilize commutations of reinsurance agreements to eliminate
  the impairment  or  insolvency,  provided  that  such  commutations  are
  approved  by  the superintendent in accordance with standards prescribed
  by regulation.
    (b) For  purposes  of  this  section,  commutation  of  a  reinsurance
  agreement  is  the  elimination  of  all  present and future obligations
  between the parties, arising from the reinsurance agreement, in exchange
  for a current consideration.
    (c) Nothing herein contained shall preclude  the  superintendent  from
  proceeding  against  such  insurer  under  any  other  provision of this
  chapter.