§ 1104. Revocation or suspension of license; restriction of license
authority or limitation on premiums written. (a) The superintendent may
revoke any license issued to any foreign or alien insurer to do an
insurance business in this state if, after notice to and hearing, he
finds that such insurer has failed to comply with any requirement
imposed upon it by the provisions of this chapter and if in his judgment
such revocation is reasonably necessary to protect the interests of the
people of this state. The superintendent may in his discretion reinstate
any such license if he finds that a ground for such revocation no longer
exists.

(b) The superintendent shall revoke the certificate of authority of
any corporation or agent convicted of violating section two thousand six
hundred three of this chapter.

(c) The superintendent may suspend the license, restrict the license
authority, or limit the amount of premiums written in this state of any
accident and health insurance company, property/casualty insurance
company, co-operative property/casualty insurance company, title
insurance company, mortgage guaranty insurance company, reciprocal
insurer, Lloyds underwriters or nonprofit property/casualty insurance
company, except those insurers subject to the provisions of subsection
(c) of section two thousand three hundred forty-three of this chapter,
if after a hearing on a record, unless waived by the affected insurer,
the superintendent determines that such insurer's surplus to
policyholders is not adequate in relation to the insurer's outstanding
liabilities or to its financial needs. All matters pertaining to a
proceeding or determination pursuant to this subsection shall be
confidential and not subject to subpoena or public inspection under
article six of the public officers law or any other statute, except to
the extent that the superintendent finds release of information
necessary to protect the public. The hearing shall be initiated within
twenty days after written notice to the insurer. Any determination
pursuant to this subsection shall contain findings specifying the
factors deemed significant in regard to the particular insurer, and
shall set forth the reasons supporting the suspension, restriction or
limitation ordered by the superintendent. The following factors shall be
considered by the superintendent in making such determination:

(1) the size of the insurer as measured by its admitted assets,
capital and surplus to policyholders, reserves, premium writings,
insurance in force and other appropriate criteria, with such surplus to
policyholders for foreign insurers adjusted in accordance with section
one thousand four hundred thirteen of this chapter;

(2) the extent to which the insurer's business is diversified among
the several kinds of insurance;

(3) the number and size of risks insured in each kind of insurance and
the insurer's loss experience in regard to such risks;

(4) the extent of geographical dispersion of the insurer's risks;

(5) the nature and extent of the insurer's reinsurance program;

(6) the quality, diversification and liquidity of the insurer's
investment portfolio;

(7) the recent past and projected future trends in regard to the
insurer's loss experience and in the size of the insurer's surplus to
policyholders;

(8) the surplus to policyholders maintained by other comparable
insurers;

(9) the adequacy of the insurer's reserves; and

(10) the quality and liquidity of investments in subsidiaries made
pursuant to this chapter.

(d) The superintendent shall identify and review those licensed
property/casualty insurers needing immediate or targeted regulatory
attention, and shall include the number of insurers so identified in the
report required by section three hundred thirty-four of this chapter.
Such report shall also include the name of each licensed
property/casualty insurer placed in formal conservatorship,
rehabilitation or liquidation during the preceding year. Nothing herein
shall be construed to restrict or diminish any right or power of the
superintendent under any other provision of this chapter.