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  5. 76 N.Y.2d 977 (1990)
 

MATTER OF AM. TRANSIT INS. CO. v. CORCORAN

76 N.Y.2d 977 (1990)

In the Matter of American Transit Insurance Company, Appellant, v. James P. Corcoran, as Superintendent of Insurance of the State of New York, Respondent.

Court of Appeals of the State of New York.

Decided November 29, 1990.

Attorney(s) appearing for the Case

Marjorie E. Bornes and Donald Jay Schwartz for appellant.

Robert Abrams, Attorney-General (Frederic L. Lieberman, O. Peter Sherwood and Lawrence S. Kahn of counsel), for respondent.

Robert F. Rhinehart for New York Insurance Alliance, Inc., amicus curiae.

Chief Judge WACHTLER and Judges SIMONS, KAYE, ALEXANDER, TITONE, HANCOCK, JR., and BELLACOSA concur in memorandum.

MEMORANDUM.

The judgment of the Appellate Division should be modified, without costs, by granting the petition to the extent of reducing the penalty to $500 and, as so modified, the judgment confirming the Insurance Superintendent's determination should be affirmed.

The Superintendent of Insurance determined that American Transit Insurance Company (American) was guilty of...

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