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MATTER OF CORCORAN

171 A.D.2d 431 (1991)

In the Matter of James P. Corcoran, as Superintendent of Insurance of the State of New York, Appellant. First New York Syndicate Corporation, Respondent

Appellate Division of the Supreme Court of the State of New York, First Department.

March 7, 1991

This is a special proceeding pursuant to article 74 of the Insurance Law to liquidate respondent on the ground of financial insolvency and/or impairment. Respondent admits insolvency. Respondent, as a member of the New York Insurance Exchange ("the Exchange"), was required, inter alia, to maintain a minimum policyholder surplus of $2.2 million (Insurance Law § 6203; 11 NYCRR 18-1.3; Exchange Constitution and Bylaws, art VII, § 6). After conferences with the...

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