N.Y. Ins. Law § 7425

§ 7425. Voidable transfers. (a) Any transfer of, or lien created upon,\nthe property of an insurer within twelve months prior to the granting of\nan order to show cause under this article with the intent of giving to\nany creditor or enabling him to obtain a greater percentage of his debt\nthan any other creditor of the same class and which is accepted by such\ncreditor having reasonable cause to believe that such a preference will\noccur, shall be voidable.\n (b) Every director, officer, employee, shareholder, member or other\nperson acting on behalf of such insurer who shall be concerned in any\nsuch prohibited act and every person receiving thereby any property of\nsuch insurer or the benefit thereof shall be personally liable therefor\nand shall be bound to account to the superintendent.\n (c) The superintendent, as liquidator, rehabilitator or conservator in\nany proceeding under this article, may avoid any transfer of, or lien\nupon, the property of an insurer which any creditor, shareholder or\nmember of such insurer might have avoided and may recover the property\ntransferred or its value from the transferee unless he was a bona fide\nholder for value prior to the date of the granting of an order to show\ncause under this article. Such property or its value may be recovered\nfrom anyone who has received it except a bona fide holder for value.\n (d) Notwithstanding the provisions of subsection (a) of this section,\na commutation of a reinsurance agreement, approved by the superintendent\npursuant to section one thousand three hundred twenty-one of this\nchapter, shall not be voidable as a preference.\n