§ 4521. Grounds for revocation or suspension of license. The
superintendent may revoke or suspend the license to do business in this
state of any domestic, foreign or alien society, if, after notice to and
hearing of such society in accordance with sections three hundred four,
three hundred five and three hundred six of the financial services law,
the superintendent finds any one or more of the following grounds
therefor:

(a) that such society has exceeded its powers under its charter or
under its license to do business;

(b) that such society has failed to comply with any requirement of
this chapter applicable thereto;

(c) that such society is conducting its insurance business
fraudulently or in a way hazardous to its members, its creditors or the
public;

(d) that such society is not carrying out its contracts in good faith;
and

(e) in the case of a foreign or alien society, that the society is not
conforming in substance to all of the requirements imposed on domestic
societies, and in such a case, the revocation may be in addition to, or
in lieu of, a proceeding under article seventy-four of this chapter in
the circumstances specified in section four thousand five hundred
nineteen of this article.