N.Y. Ins. Law § 7424

§ 7424. Deposit of monies collected; preference. Monies collected by\nthe superintendent in a proceeding under this article shall be deposited\nin one or more state or national banks, savings banks, or trust\ncompanies. In the case of insolvency or voluntary or involuntary\nliquidation of any such depositary organized and supervised under the\nlaws of this state, such deposits shall be entitled to priority of\npayment on an equality with any other priority given by the banking law\nof this state. The superintendent may in his discretion deposit such\nmonies or any part thereof in a national bank or trust company as a\ntrust fund.\n