N.Y. Insurance Law Section 7432
Adjudication of insolvency of insurer

  • time to file claims

(a)

If upon the granting of an order of liquidation pursuant to § 7404 (Grounds for liquidation)section seven thousand four hundred four of this article or at any time thereafter during such liquidation proceeding, such insurer shall not be clearly solvent, the court shall, after such notice and hearing as it deems proper, make an order declaring such insurer to be insolvent.

(b)

Where a liquidation, rehabilitation or conservation order has been entered in a proceeding against an insurer under this article, all persons who may have claims against such insurer shall present the same to the liquidator, rehabilitator or conservator at a place specified by him within four months from the date of the entry of such order, or, if the superintendent shall certify that it is necessary, within such longer time as the court shall prescribe. The superintendent shall notify all persons who may have claims against such insurer as disclosed by its books and records, to present the same to him within the time as fixed. The last day for the filing of proofs of claim shall be specified in the notice. Such notice shall be given in a manner determined by the court.

(c)

Proofs of claim may be filed subsequent to the date specified, but, no such claim shall share in the distribution of the assets until all allowed claims, proofs of which were filed before such specified date, have been paid in full with interest.

Source: Section 7432 — Adjudication of insolvency of insurer; time to file claims, https://www.­nysenate.­gov/legislation/laws/ISC/7432 (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

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 7432’s source at nysenate​.gov

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