Section 1309. Insolvency of an insurer

(a) Whenever the superintendent
  finds from a financial  statement  or  report  on  examination  that  an
  authorized  insurer  is unable to pay its outstanding lawful obligations
  as they mature in the regular course of business, as shown by an  excess
  of  required  reserves and other liabilities over admitted assets, or by
  its not having sufficient assets to reinsure all outstanding risks  with
  other  solvent  authorized  assuming  insurers  after paying all accrued
  claims  owed,  such  insurer  shall  be   deemed   insolvent   and   the
  superintendent  may  proceed  against  it  pursuant to the provisions of
  article seventy-four of this chapter.
    (b) If an insurer deemed insolvent pursuant to subsection  (a)  hereof
  is  a  foreign  or  alien insurer, the superintendent may also revoke or
  suspend its license to do business in this state.