2015 New York Laws
ISC - Insurance
Article 74 - (Insurance) REHABILITATION, LIQUIDATION, CONSERVATION AND DISSOLUTION OF INSURERS
7425 - Voidable transfers.

 7425. Voidable transfers. (a) Any transfer of, or lien created upon,
  the property of an insurer within twelve months prior to the granting of
  an  order  to show cause under this article with the intent of giving to
  any creditor or enabling him to obtain a greater percentage of his  debt
  than  any other creditor of the same class and which is accepted by such
  creditor having reasonable cause to believe that such a preference  will
  occur, shall be voidable.
(b)  Every  director,  officer, employee, shareholder, member or other
  person acting on behalf of such insurer who shall be  concerned  in  any
  such  prohibited  act and every person receiving thereby any property of
  such insurer or the benefit thereof shall be personally liable  therefor
  and shall be bound to account to the superintendent.
(c) The superintendent, as liquidator, rehabilitator or conservator in
  any  proceeding  under  this article, may avoid any transfer of, or lien
  upon, the property of an insurer  which  any  creditor,  shareholder  or
  member  of  such insurer might have avoided and may recover the property
  transferred or its value from the transferee unless he was a  bona  fide
  holder  for  value prior to the date of the granting of an order to show
  cause under this article. Such property or its value  may  be  recovered
  from anyone who has received it except a bona fide holder for value.
(d)  Notwithstanding the provisions of subsection (a) of this section,
  a commutation of a reinsurance agreement, approved by the superintendent
  pursuant to section  one  thousand  three  hundred  twenty-one  of  this
  chapter, shall not be voidable as a preference.