Exam term

Conservation proceeding

A proceeding in which the Superintendent takes control of a financially hazardous insurer to preserve its assets; it is one of three steps with rehabilitation and liquidation.

Lessons that use this term

New York Superintendent's powers and insurer regulation: certificate of authority, solvency, claim practices, and agent appointments New York
Life Insurance Company Guaranty Corporation of New York (Ins. Law art. 77) New York