§ 1309. Insolvency of an insurer. (a) Whenever the superintendent
finds from a financial statement or report on examination that an
authorized insurer is unable to pay its outstanding lawful obligations
as they mature in the regular course of business, as shown by an excess
of required reserves and other liabilities over admitted assets, or by
its not having sufficient assets to reinsure all outstanding risks with
other solvent authorized assuming insurers after paying all accrued
claims owed, such insurer shall be deemed insolvent and the
superintendent may proceed against it pursuant to the provisions of
article seventy-four of this chapter.

(b) If an insurer deemed insolvent pursuant to subsection (a) hereof
is a foreign or alien insurer, the superintendent may also revoke or
suspend its license to do business in this state.