NY A10090

Authorizes the Superintendent of Financial Services to place domestic insurers under administrative supervision when their financial condition is hazardous to the public, policyholders, or when they have exceeded their powers, failed to comply with insurance law, conducted business fraudulently, or consented to supervision

Grants the superintendent power to restrict supervised insurers from disposing of assets, withdrawing funds, paying claims, investing, incurring debt, merging, approving new policies, or increasing officer salaries without prior approval

Requires insurers to receive written requirements to correct hazardous conditions within 60 days, with the right to challenge orders through administrative hearings under the State Administrative Procedure Act

Makes all supervision proceedings, reports, and correspondence confidential and exempt from public disclosure under FOIL, though the superintendent may share information with other regulators or make it public if in the best interest of policyholders or the public

Allows the superintendent to appoint an administrative supervisor at the insurer's expense and stipulates that supervision costs become part of liquidation expenses if the insurer enters Article 74 proceedings within one year of release