New York Consolidated Laws, Insurance Law - ISC § 4521. Grounds for revocation or suspension of license

(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.