7432 – Adjudication of Insolvency of Insurer; Time to File Claims.
§ 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 thereafter during such liquidation proceeding, such insurer shall not be clearly solvent, the court shall, after such notice and […]
7433 – Proof and Allowance of Claims.
§ 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, setting forth the claim, the consideration therefor, any securities held therefor, any payments made thereon, and that the sum claimed is justly owing […]
7433-A – Loan to Workers’ Compensation Security Fund.
§ 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 to meet its obligations and accomplish the purposes of article six-A of the workers’ compensation law, the superintendent is hereby authorized to […]
7434 – Distribution of Assets.
§ 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 assure the proper recognition of priorities and a reasonable balance between the expeditious completion of the liquidation and the protection of unliquidated and undetermined claims. […]
7435 – Distribution for Life Insurers.
§ 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 accordance with the order in which each class of claims is herein set forth. Every claim in each class shall, subject to such limitations […]
7436 – Claims-Made Policies; Special Requirements.
§ 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 entered pursuant to this article, the superintendent shall provide, at an appropriate additional premium by the insured and consistent with the terms of such […]
7437 – Qualified Financial Contracts.
§ 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 damages utilized in the derivatives, securities or other market for the contract and agreement claims but does not include punitive or exemplary damages, damages for […]
7422 – Appointment of Deputies; Employment of Assistants.
§ 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 to employ such counsel, clerks and assistants as may by him be deemed necessary and to give them such powers to assist […]
7423 – Exemption From Filing Fees.
§ 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, issuing a transcript or certificate, or authenticating any paper or instrument pertaining to the exercise by the superintendent of any of the powers or […]
7424 – Deposit of Monies Collected; Preference.
§ 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 trust companies. In the case of insolvency or voluntary or involuntary liquidation of any such depositary organized and supervised under the laws of […]