New York Laws
Article 15 - Holding Companies
1510 - Violations; Penalties; Jurisdiction Over Non-Domiciliaries.

(1) proceed under article seventy-four of this chapter with respect to
a domestic insurer within the holding company system;
(2) revoke or refuse to renew the authority to do business in this
state of an authorized foreign or alien insurer within the holding
company system or refuse to issue such authority to any other insurer in
the system;
(3) request the attorney general to commence a proceeding utilizing
the procedures of sections seven thousand four hundred seventeen and
seven thousand four hundred eighteen of this chapter to enforce
compliance or, where appropriate, for an order directing the termination
of control of a domestic insurer; or
(4) direct that, in addition to any other penalty provided by law,
such person forfeit to the people of this state a sum not exceeding five
hundred dollars for a first violation and two thousand five hundred
dollars for any subsequent violation. An additional sum not exceeding
two thousand five hundred dollars shall be imposed for each month during
which any such violation shall continue.
(b) If the superintendent finds after notice and opportunity to be
heard that any domestic controlled insurer or any policyholder thereof
has suffered any loss or damage because of the wilful violation of this
article, or of any regulation or order promulgated hereunder, by any
person within the insurer's holding company system, he may request the
attorney general to maintain a civil action in the name of the people of
the state or intervene in an action brought by or on behalf of the
insurer or policyholder for the recovery of compensatory damages for the
benefit of the insurer or policyholder or for other appropriate relief.
(c) As to any cause of action enumerated in this section a court may
exercise personal jurisdiction over any non-domiciliary who controls or
is an officer or director of a person who controls a domestic insurer.
(d) Whenever it appears to the superintendent that any person has
committed a violation of section one thousand five hundred six of this
article that prevents the full understanding of the enterprise risk
posed to the insurer by the holding company system, the violation may
serve as an independent basis for disapproving dividends or
distributions or as grounds for rehabilitation or liquidation pursuant
to article seventy-four of this chapter.