N.Y. Ins. Law § 1412

§ 1412. Disposal or deduction of investments unlawfully acquired. (a)\nEvery domestic insurer shall forthwith dispose of any investment\nacquired in violation of the law in force at the date of acquisition.\n (b) In determining the financial condition of any such insurer, the\nvalue of any wholly ineligible investments, and the value of any\ninvestment in excess of any limitation prescribed in this chapter, shall\nbe deducted as a non-admitted asset of such insurer.\n