New York A 10090: Relates to the administrative supervision of insurers deemed to be in a hazardous financial condition

Bill Text

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A10090 Summary:

BILL NOA10090 

&nbsp

SAME ASSAME AS S08258

&nbsp

SPONSORWeprin

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Add §1125, amd §§1309, 1310, 1311 & 1312, Ins L

&nbsp

Relates to the administrative supervision of insurers deemed to be in a hazardous financial condition.

Go to top A10090 Actions:

BILL NOA10090 

&nbsp

01/30/2026referred to insurance

Go to topA10090 Committee&nbspVotes:

Go to topA10090 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA10090 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10090

 IN ASSEMBLY

 January 30, 2026
 ___________

 Introduced by M. of A. WEPRIN -- read once and referred to the Committee
 on Insurance

 AN ACT to amend the insurance law, in relation to administrative super-
 vision

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Legislative findings. In order to increase the authority of
 2 the superintendent of financial services to respond to the harm posed by
 3 impaired insurers in this state, the legislature finds that it is in the
 4 best interest of the people of this state to enact an administrative
 5 supervision statute. The superintendent of financial services has the
 6 right and responsibility to enforce the insurance law and the authority
 7 to seek redress against any person responsible for the impairment or
 8 insolvency of the insurer, and nothing in this act is intended to
 9 restrict or limit such right, responsibility, or authority.
 10 § 2. The insurance law is amended by adding a new section 1125 to read
 11 as follows:
 12 § 1125. Administrative supervision. (a)(1) The superintendent may
 13 issue an order placing a domestic insurer under administrative super-
 14 vision if the superintendent determines that one or more of the condi-
 15 tions set forth in subsection (b) of this section exists. Upon such a
 16 determination, the superintendent shall furnish the insurer with a writ-
 17 ten list of requirements to abate the condition or conditions within the
 18 time specified in the order, which shall be sixty days or another period
 19 of time as designated by the superintendent. The domestic insurer may
 20 challenge the order by requesting an administrative hearing pursuant to
 21 the adjudicatory proceeding rules in article three of the state adminis-
 22 trative procedure act. Upon issuance of the order, the superintendent
 23 shall advise such domestic insurer of its right to request a hearing
 24 challenging the order pursuant to the adjudicatory proceeding rules in
 25 article three of the state administrative procedure act and regulations
 26 promulgated by the superintendent.
 27 (2) If, at the end of the period specified in the order, the super-
 28 intendent determines that the condition or conditions that gave rise to

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD13211-01-5

 A. 10090 2

 1 the order still exists or exist, then administrative supervision shall
 2 continue. The insurer may request a hearing to challenge the superinten-
 3 dent's determination to continue administrative supervision.
 4 (3) If the superintendent determines that the condition or conditions
 5 that gave rise to administrative supervision no longer exists or exist,
 6 then the superintendent shall release the insurer from supervision.
 7 (b) (1) An insurer may be subject to administrative supervision by the
 8 superintendent if upon examination or any other time it appears in the
 9 superintendent's discretion that:
 10 (A) The insurer's condition renders the continuance of its business
 11 hazardous to the public or to its insureds;
 12 (B) The insurer has or appears to have exceeded its powers, as that
 13 term is defined in paragraph two of this subsection, granted under its
 14 charter and applicable law;
 15 (C) The insurer has failed to comply with the applicable provisions of
 16 this chapter;
 17 (D) The business of the insurer is being conducted fraudulently; or
 18 (E) The insurer gives its consent.
 19 (2) The term "exceeded its powers" means any one or more of the
 20 following conditions:
 21 (A) The insurer has refused to permit examination of