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:
- Centennial Insurance Company
An order was filed with the New York County Clerk’s office, on August 27, 2015, approving the Centennial early access agreement.
- Atlantic Mutual Insurance Company ("AMIC")
An order was filed with the New York County Clerk’s office, on August 27, 2015, approving the AMIC early access agreement.
- UHAB Mutual Insurance Company
An Order to Show Cause seeking, among other things, approval of a final report and closure of this liquidation proceeding, has been submitted to the Court with a return date of November 2, 2015.
--[Read OTSC and supporting documents]
- Eveready Insurance Company
An Order to Show Cause seeking approval of a claims adjudication procedure and appointment of a referee was submitted to Court, and the return date of the motion is September 16, 2015.
--[Read Verified Petition]
- Drivers Insurance Company
Drivers Insurance Company was placed into liquidation and the Superintendent of Financial Services of the State of New York was appointed as liquidator by memorandum of the Supreme Court of the State of New York, entered May 15, 2015, and an order was entered on August 7, 2015.
- Nassau Insurance Company
The Court entered an Order on July 31, 2015 approving the terms and conditions of the Creditor Trust Agreement and granting authority for the Liquidator to enter into the Creditor Trust Agreement.
- Credit General Insurance Company
An order was filed with the New York County Clerk’s office, on July 23, 2015, closing this ancillary receivership proceeding.
- Nassau Insurance Company
An Order to Show Cause seeking approval of the terms and conditions of the Creditor Trust Agreement has been submitted to the Court and the return date has been adjourned to July 29, 2015.
--[Read Order to Show Cause and supporting papers]
--[Read Supplemental Affirmation]
--[Read Second Supplemental Affirmation]