N.Y. Insurance Law Section 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 personal property of an insurer against whom a proceeding has been brought under this article, and

(2)

sell or compound all doubtful or uncollectible debts or claims owed by or to such insurer including claims based upon an assessment levied against a member of a mutual insurer.

(b)

If the amount of any such real or personal property owned by, or debt or claim owed by or to, such insurer does not exceed twenty-five thousand dollars, then the superintendent may sell or dispose of all or any part of the real or personal property, or compromise or compound the debt or claim, upon such terms as the superintendent may deem for the best interests of such insurer without obtaining the approval of the court.

(c)

The superintendent may, subject to the approval of the court, sell, or agree to sell, or offer to sell, any assets of such an insurer to such of its creditors who may desire to participate in the purchase, to be paid for in whole or in part out of dividends payable to such creditors.

(d)

Upon application of the superintendent, the court may designate representatives to act for such creditors in the purchase, holding and/or management of such assets, and the superintendent may, subject to the approval of the court, advance the expenses of such representatives against the security of the claims of such creditors.

Source: Section 7428 — Disposition of assets and compromise of claims, https://www.­nysenate.­gov/legislation/laws/ISC/7428 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

7401
Application of article 7402
Grounds for rehabilitation of domestic insurer 7403
Order of rehabilitation 7404
Grounds for liquidation 7405
Order of liquidation 7406
Grounds for conservation of assets of foreign or alien insurer 7407
Order of conservation or ancillary liquidation of a foreign or alien insurer 7408
Uniform insurers liquidation act 7409
Conduct of delinquency proceedings against insurers domiciled in this state 7410
Conduct of delinquency proceedings against insurers not domiciled in this state 7411
Filing and proving of claims of non-residents against delinquent insurers domiciled in this state 7412
Filing and proving of claims of residents against delinquent insurers domiciled in reciprocal states 7413
Priority of preferred claims, special deposit claims and secured claims 7414
Attachment and garnishment of assets 7415
Uniformity of interpretation 7416
Grounds for dissolution of domestic insurer 7417
Commencement of a proceeding 7418
Service of order to show cause 7419
Injunctions 7420
Annual report 7421
Removal of proceedings 7422
Appointment of deputies 7423
Exemption from filing fees 7424
Deposit of monies collected 7425
Voidable transfers 7427
Offsets 7428
Disposition of assets and compromise of claims 7429
Borrowing on the pledge of assets 7430
Levy of assessments 7431
Determination of liability of members for other indebtedness 7432
Adjudication of insolvency of insurer 7433
Proof and allowance of claims 7433‑A
Loan to workers’ compensation security fund 7434
Distribution of assets 7435
Distribution for life insurers 7436
Claims-made policies 7437
Qualified financial contracts
Green check means up to date. Up to date

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 7428’s source at nysenate​.gov

Link Style