The New York Liquidation Bureau (NYLB) is a unique entity. Receiving no funding from taxpayers, it carries out the responsibilities of the Superintendent of Financial Services as Receiver, and acts on his behalf in the discharging of his statutorily defined duties to protect the interests of the policyholders and creditors of insurance companies that have been declared impaired or insolvent.
The NYLB has performed this function since 1909, when the New York State Legislature passed the law mandating that the Superintendent assume the separate responsibility of Receiver. In the case of each insurance company in receivership, the Superintendent as Receiver is appointed by the New York State Supreme Court. The Court approves all of the actions of the Superintendent, and by extension those of the NYLB.
[Read the NYLB Mission Statement]
Legal and Estate Notices:
- Bakers Mutual Insurance Company
A verified petition seeking, among other things, an order re-opening the Bakers Mutual liquidation proceeding in order to utilize money received for the benefit of Bakers Mutual and its creditors, has been submitted to the court with a return date of July 20, 2012.
- [Read Notice]
- Horizon Insurance Company
A verified petition seeking, among other things, approval of the Liquidator’s report on the status of the Horizon liquidation proceeding and the financial transactions delineated therein, has been submitted to the court with a return date of June 11, 2012.
- [Read Notice of OTSC Return Date]
- Multiple Estates
An Order to Show Cause was issued on April 26, 2012, with a return date of June 15, 2012, which seeks approval to terminate the liquidation proceedings of
Atlantic American Health Insurance Company, Austin Liberty Insurance Company, Axel Insurance Company of New York, Majestic Insurance Company of New York, MBL Property and Casualty Insurance Company and National Heritage Insurance Company, Inc.
- [Read Notice]
- [Read Order]
- Midland Insurance Company
By so-ordered stipulation (“Stipulation”), entered on April 26, 2012, Subsections 7-9 of Section III.C of the Case Management Order No. 1, dated July 31, 2006, and entered on August 3, 2006, which relate to Phase II of this proceeding, are rescinded. See Notice and Stipulation for further details.
- [Read Notice]
- [Read Stipulation]
- Reliance Insurance Company of Illinois
An order approving a conservation agreement was filed with the New York County Clerk on April 12, 2012.
- [Read Order]
- Pacific & General Insurance Company Limited
An Order to Show Cause, seeking approval of a final report and closure of this conservation proceeding, has been submitted to the court with a return date of May 15, 2012.
- [Read Order and Attachments]
- More...
