§ 7407. Order of conservation or ancillary liquidation of a foreign or
alien insurer. (a) An order to conserve the assets of a foreign or alien
insurer shall direct the superintendent and his successors in office, as
conservator, forthwith to take possession of, and conserve, the
insurer's property within this state, subject to the court's further
direction.

(b) Where the superintendent has been appointed pursuant to the
provisions of section seven thousand four hundred six of this article as
conservator of the assets within the state of a foreign or alien
insurer, for which a domiciliary receiver is subsequently appointed for
such insurer in its domiciliary state which is also a reciprocal state,
as defined in section seven thousand four hundred eight of this article,
the superintendent, upon request of the domiciliary receiver, shall,
notwithstanding subsection (a) of section seven thousand four hundred
ten of this article, apply to the court in which such conservation
proceeding was commenced for an order appointing the superintendent as
ancillary receiver for such foreign or alien insurer.

(c) Whenever a domiciliary receiver is appointed for any insurer in
its domiciliary state which is also a reciprocal state, as defined in
section seven thousand four hundred eight of this article, the
superintendent, upon request of the domiciliary receiver, shall,
notwithstanding subsection (a) of section seven thousand four hundred
ten of this article, apply to a court of competent jurisdiction for an
order appointing the superintendent as ancillary receiver of such
insurer.

(d) Notwithstanding subsection (a) of section seven thousand four
hundred ten of this article, the court may on the application of the
superintendent pursuant to subsection (b) or (c) of this section appoint
the superintendent as the ancillary receiver in this state, subject to
the provisions of sections seven thousand four hundred eight through
seven thousand four hundred fifteen of this article. Subject to the
provisions of such sections, the rights and duties of the superintendent
with reference to such insurer and such assets shall include those
heretofore exercised by and imposed upon ancillary receivers of foreign
corporations in this state.