§ 308. Judicial review of orders, regulations and decisions of superintendent. (a) Notwithstanding the specific enumerations of the right to judicial review in this chapter, the insurance law or the banking law, any order, regulation or decision of the superintendent is declared to be subject to judicial review in a proceeding under article seventy-eight of the civil practice law and rules, provided that nothing in this section or article seventy-eight of the civil practice law and rules shall affect the time period provided in the banking law or the insurance law for commencing such proceeding.

(b) Except as provided in section two thousand one hundred twenty-four of the insurance law, the commencement of such proceeding shall not affect the enforcement or validity of the superintendent's order, regulation or decision under review unless the court shall determine, after a preliminary hearing of which the superintendent is notified at least forty-eight hours in advance, that a stay of enforcement pending the proceeding or until further direction of the court will not unduly injure the interests of the people of the state, in which case a stay of execution may be granted.