New York Insurance Law Article 74 - REHABILITATION, LIQUIDATION, CONSERVATION AND DISSOLUTION OF INSURERS
- 7401 - Application of Article; Definitions.
(a) This article shall apply to all corporations, associations, societies, orders, firms, and individuals to which this chapter is applicable, or which are subject to...
- 7402 - Grounds for Rehabilitation of Domestic Insurer.
The superintendent may apply under this article for an order directing him to rehabilitate a domestic insurer which: (a) Is insolvent within the meaning of...
- 7403 - Order of Rehabilitation; Advances From Property/casualty Insurance Security Fund; Termination.
(a) An order to rehabilitate a domestic insurer shall direct the superintendent and his successors in office, as rehabilitator, forthwith to take possession of the...
- 7404 - Grounds for Liquidation.
The superintendent may apply under this article for an order directing the superintendent to liquidate the business of a domestic insurer, or of the United...
- 7405 - Order of Liquidation; Rights and Liabilities.
(a) An order to liquidate the business of a domestic insurer shall direct the superintendent and his successors in office, as liquidator, forthwith to take...
- 7406 - Grounds for Conservation of Assets of Foreign or Alien Insurer.
(a) The superintendent may apply under this article for an order directing the superintendent to conserve the assets within the state of a foreign insurer...
- 7407 - Order of Conservation or Ancillary Liquidation of a Foreign or Alien Insurer.
(a) An order to conserve the assets of a foreign or alien insurer shall direct the superintendent and his successors in office, as conservator, forthwith...
- 7408 - Uniform Insurers Liquidation Act; Title; Definitions.
(a) This section and sections seven thousand four hundred nine through seven thousand four hundred fifteen of this article may be cited as the uniform...
- 7409 - Conduct of Delinquency Proceedings Against Insurers Domiciled in This State.
(a) Whenever under the laws of this state a receiver is to be appointed in delinquency proceedings for an insurer domiciled in this state, the...
- 7410 - Conduct of Delinquency Proceedings Against Insurers Not Domiciled in This State.
(a) Whenever under the laws of this state an ancillary receiver is to be appointed in delinquency proceedings for an insurer not domiciled in this...
- 7411 - Filing and Proving of Claims of Non-Residents Against Delinquent Insurers Domiciled in This State.
(a) In a delinquency proceeding begun in this state against an insurer domiciled in this state, claimants residing in reciprocal states may file claims either...
- 7412 - Filing and Proving of Claims of Residents Against Delinquent Insurers Domiciled in Reciprocal States.
(a) In a delinquency proceeding in a reciprocal state against an insurer domiciled in that state, claimants residing in this state may file claims either...
- 7413 - Priority of Preferred Claims, Special Deposit Claims and Secured Claims.
(a) In a delinquency proceeding against an insurer domiciled in this state, claims owing to residents of ancillary states shall be preferred claims if like...
- 7414 - Attachment and Garnishment of Assets.
During the pendency of delinquency proceedings in this or any reciprocal state no action or proceeding in the nature of an attachment, garnishment, or execution...
- 7415 - Uniformity of Interpretation.
The uniform insurers liquidation act shall be interpreted and construed to effectuate its general purpose to make uniform the law of those states that enact...
- 7416 - Grounds for Dissolution of Domestic Insurer.
The superintendent may apply under this article for an order dissolving the corporate existence of a domestic insurer: (i) upon his application for an order...
- 7417 - Commencement of a Proceeding.
The superintendent represented by the attorney general shall commence any proceeding under this article by an application to the supreme court, in the judicial district...
- 7418 - Service of Order to Show Cause.
(a) The order to show cause and the papers upon which it is granted shall be served upon the insurer named therein by delivering true...
- 7419 - Injunctions.
(a) Upon application by the superintendent for an order to show cause under this article or at any time thereafter, the court in which such...
- 7420 - Annual Report.
The superintendent shall transmit to the legislature in his annual report the names of all insurers proceeded against under this article together with such facts...
- 7421 - Removal of Proceedings.
Any time after commencement of a proceeding under this article, the superintendent may apply ex parte to the court or any justice thereof for an...
- 7422 - Appointment of Deputies; Employment of Assistants.
(a) For the purposes of this article the superintendent shall have power to appoint special deputy, and assistant special deputy, superintendents as his agents, and...
- 7423 - Exemption From Filing Fees.
The superintendent shall not be required to pay any fee to any county clerk, register or other public officer in this state for filing, recording,...
- 7424 - Deposit of Monies Collected; Preference.
Monies collected by the superintendent in a proceeding under this article shall be deposited in one or more state or national banks, savings banks, or...
- 7425 - Voidable Transfers.
(a) Any transfer of, or lien created upon, the property of an insurer within twelve months prior to the granting of an order to show...
- 7427 - Offsets.
(a) In all cases of mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this...
- 7428 - Disposition of Assets and Compromise of Claims.
(a) The superintendent may, subject to the approval of the court: (1) sell or otherwise dispose of all or any part of the real and...
- 7429 - Borrowing on the Pledge of Assets.
To facilitate the rehabilitation, liquidation, conservation or dissolution of an insurer pursuant to this article the superintendent may, subject to the approval of the court,...
- 7430 - Levy of Assessments; Determination of Liability of Members.
(a) Within three years from the date of an order of rehabilitation or liquidation of a domestic mutual insurer filed in the office of the...
- 7431 - Determination of Liability of Members for Other Indebtedness.
(a) If it shall appear that a member of a domestic mutual insurer is indebted to such insurer, apart from his liability to assessment, the...
- 7432 - Adjudication of Insolvency of Insurer; Time to File Claims.
(a) If upon the granting of an order of liquidation pursuant to section seven thousand four hundred four of this article or at any time...
- 7433 - Proof and Allowance of Claims.
(a) (1) A proof of claim shall consist of a written statement subscribed and affirmed by the claimant as true under the penalties of perjury,...
- 7433-a - Loan to Workers' Compensation Security Fund.
(a) Upon certification by the superintendent that further sums, not exceeding seventy million dollars in the aggregate, are required by the workers' compensation security fund...
- 7434 - Distribution of Assets.
(a) (1) Upon the recommendation of the superintendent, and under the direction of the court, distribution payments shall be made in a manner that will...
- 7435 - Distribution for Life Insurers.
(a) The priority of distribution of claims from the estate of a life insurance company in any proceeding subject to this article shall be in...
- 7436 - Claims-Made Policies; Special Requirements.
(a) Where a policy has been issued on a claims-made basis by an insurer against which an order of liquidation, rehabilitation or conservation has been...
- 7437 - Qualified Financial Contracts.
(a) As used in this section: (1) "Actual direct compensatory damages" means and includes normal and reasonable costs of cover or other reasonable measures of...
Last modified: February 3, 2019