2012 New York Consolidated Laws
ISC - Insurance
Article 77 - (7701 - 7718) THE LIFE INSURANCE COMPANY GUARANTY CORPORATION OF NEW YORK ACT
7711 - Powers of the superintendent and the board of directors.

 
    §  7711.  Powers  of the superintendent and the board of directors. In
  addition to the duties and powers enumerated elsewhere in this chapter:
    (a) The  superintendent  may  suspend  or  revoke,  after  notice  and
  hearing,  the  certificate  of  authority  to transact insurance in this
  state of any member insurer which fails to pay an assessment when due or
  fails to comply with the  plan  of  operation.  As  an  alternative  the
  superintendent  may  levy  a  penalty  to  be paid to the people of this
  state, after notice and hearing, on any member insurer  which  fails  to
  pay  an  assessment when due. Such penalty shall not exceed five percent
  of the unpaid assessment per month, but no penalty shall  be  less  than
  one hundred dollars per month.
    (b)  Any  action  of  the board of directors or the corporation may be
  appealed to the superintendent by any member insurer if such  appeal  is
  taken  within thirty days of the action being appealed. Any final action
  or order of the superintendent shall be subject to judicial review in  a
  court of competent jurisdiction.
    (c)  Upon  the  request  of the superintendent, the board of directors
  shall render advice  and  make  recommendations  to  the  superintendent
  concerning   any   matter  affecting  his  duties  and  responsibilities
  regarding the financial condition  of  member  companies  and  companies
  seeking admission to transact insurance business in this state.
    (d)  The  board  of  directors  shall  establish  a panel of advisors,
  consisting of representatives of at least thirteen member  insurers  not
  serving  on  the  board  of  directors, knowledgeable as to the life and
  health insurance business to provide  it  with  information  tending  to
  indicate  that any member insurer or company seeking to do any insurance
  business in this state is or may be in danger of becoming an impaired or
  insolvent insurer; persons serving on the panel  of  advisors  shall  be
  deemed  agents of the corporation for purposes of section seven thousand
  seven hundred sixteen of this article. The board of directors may,  upon
  majority  vote,  make  reports and recommendations to the superintendent
  upon any matter germane to the solvency, liquidation, rehabilitation  or
  conservation  of  any  member  insurer or germane to the solvency of any
  company seeking to do an insurance business in this state. Such  reports
  and recommendations shall not be considered public documents. Nothing in
  this  article  shall  be  deemed to limit the ability of a member of the
  panel of advisors or any other person from reporting information germane
  to the solvency of  a  member  insurer  or  company  seeking  to  do  an
  insurance  business  in this state to the superintendent or other lawful
  authority or the corporation.
    (e) It shall be the duty of the  board  of  directors,  upon  majority
  vote,  to  notify  the  superintendent of any information indicating any
  member insurer may be an impaired or insolvent insurer.
    (f)  The  board  of  directors   may,   upon   majority   vote,   make
  recommendations  to  the superintendent for the detection and prevention
  of insolvencies.
    (g) The board of directors shall, at the  conclusion  of  any  insurer
  insolvency in which the corporation was obligated to pay covered claims,
  prepare a report to the superintendent containing such information as it
  may  have  in  its  possession bearing on the history and causes of such
  insolvency. The corporation shall cooperate with the boards of directors
  of guaranty associations or corporations in other states in preparing  a
  report on the history and causes for insolvency of a particular insurer,
  and   may   adopt  by  reference  any  report  prepared  by  such  other
  associations or corporations.