New York A 10084: Relates to a tax credit for employment of an individual who has successfully completed a judicial diversion substance abuse treatment program or graduated from drug court

Bill Text

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A10084 Summary:

BILL NOA10084 

&nbsp

SAME ASSAME AS S08259

&nbsp

SPONSORWeprin

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §§7406 & 7407, Ins L

&nbsp

Relates to orders of conservation for domestic insurers.

Go to top A10084 Actions:

BILL NOA10084 

&nbsp

01/30/2026referred to insurance

Go to topA10084 Committee&nbspVotes:

Go to topA10084 Floor&nbspVotes:

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

Go to topA10084 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10084

 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 orders of conservation
 for domestic insurers

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

 1 Section 1. Section 7406 of the insurance law, the opening paragraph
 2 and paragraph 1 of subsection (a) as amended by chapter 215 of the laws
 3 of 1993, is amended to read as follows:
 4 § 7406. Grounds for conservation of assets of a domestic, foreign or
 5 alien insurer. (a) The superintendent may apply under this article for
 6 an order directing the superintendent to conserve the assets within the
 7 state of a domestic or foreign insurer upon:
 8 (1) any of the grounds specified in subsection (a) through (g), (j),
 9 (k) or (o) of section seven thousand four hundred two of this article,
 10 or
 11 (2) upon the ground that such insurer has consented to such an order
 12 through a majority of its directors, shareholders or members, or, with
 13 respect to a foreign insurer, has had its property sequestrated in its
 14 domiciliary country or state or in any other country or state.
 15 (b) The superintendent may apply under this article for an order
 16 directing [him] them to conserve the assets within this state of an
 17 alien insurer, except one which has its trusteed assets in this state,
 18 on any of the grounds specified in subsection (a), (b), (d) through (g),
 19 (j) or (k) of section seven thousand four hundred two of this article,
 20 or upon the ground that it has failed or refused to comply, within the
 21 time designated by the superintendent, with an order of the superinten-
 22 dent, pursuant to law, to rectify an impairment of its trusteed surplus,
 23 or that it has consented to such an order through a majority of its
 24 directors, shareholders or members, or has had its property sequestrated
 25 in its domiciliary country or elsewhere.
 26 § 2. Section 7407 of the insurance law, as amended by chapter 169 of
 27 the laws of 1990, is amended to read as follows:

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD11934-01-5

 A. 10084 2

 1 § 7407. Order of conservation of a domestic insurer or ancillary
 2 liquidation of a foreign or alien insurer. (a) An order to conserve the
 3 assets of a foreign or alien insurer shall direct the superintendent and
 4 [his] their successors in office, as conservator, forthwith to take
 5 possession of, and conserve, the insurer's property within this state,
 6 subject to the court's further direction.
 7 (b) Where the superintendent has been appointed pursuant to the
 8 provisions of section seven thousand four hundred six of this article as
 9 conservator of the assets of a domestic insurer, the conservator shall
 10 conduct an analysis of the business and financial condition of the
 11 insurer and may take such action as the conservator deems necessary or
 12 appropriate to correct the problems that led to the order of conserva-
 13 tion and restore the insurer to private management and normal oper-
 14 ations.
 15 (c) Where the superintendent has been appointed pursuant to the
 16 provisions of section seven thousand four hundred six of this article as
 17 conservator of the assets within the state of a foreign or alien insur-
 18 er, for which a domiciliary receiver is subsequently appointed for such
 19 insurer in its domiciliary state which is also a reciprocal state, as
 20 defined in section seven thousand four hundred eight of this article,
 21 the superintendent, upon request of the domiciliary receiver, shall,
 22 notwithstanding subsection (a) of se