2006 New York Code - Impairment Of Reserves; Order To Make Good Deficiency.

 
    §  4519.  Impairment  of  reserves;  order  to  make  good deficiency.
  Whenever the  superintendent  finds  from  any  financial  statement  or
  valuation  report  made to him by any authorized society or from a filed
  report on examination of any society, that the admitted assets  of  such
  society  are  less  than  the  sum  of its required reserves and accrued
  liabilities, he shall determine the amount of such deficiency and  issue
  a  written  requisition  to  such society to remove, repair or make good
  such deficiency within such period as he shall designate, not less  than
  thirty  days  nor  more  than  six  months  from  the  service  of  such
  requisition, except that if he believes the interests of the certificate
  holders of such society will best be served by extending such period  of
  time,  he  may  do  so  for such period or periods of time as he, in his
  discretion deems best. He may also prohibit  such  society,  while  such
  deficiency  exists,  from issuing any new contracts of insurance in this
  state, and in the case of a  domestic  society,  from  issuing  any  new
  contracts  in  this state or elsewhere. If such society shall fail or be
  unable to make good such deficiency within such period as  so  extended,
  the   superintendent  shall  proceed  against  such  society  under  the
  provisions of article seventy-four of this chapter on  the  ground  that
  its   further   transaction   of  business  will  be  hazardous  to  its
  policyholders, its creditors or the public.