N.Y. Ins. Law § 1309

§ 1309. Insolvency of an insurer. (a) Whenever the superintendent\nfinds from a financial statement or report on examination that an\nauthorized insurer is unable to pay its outstanding lawful obligations\nas they mature in the regular course of business, as shown by an excess\nof required reserves and other liabilities over admitted assets, or by\nits not having sufficient assets to reinsure all outstanding risks with\nother solvent authorized assuming insurers after paying all accrued\nclaims owed, such insurer shall be deemed insolvent and the\nsuperintendent may proceed against it pursuant to the provisions of\narticle seventy-four of this chapter.\n (b) If an insurer deemed insolvent pursuant to subsection (a) hereof\nis a foreign or alien insurer, the superintendent may also revoke or\nsuspend its license to do business in this state.\n