The Administrative Services Division provides support to the NYLB through timely and economical procurement of goods and services and the effective administration of facilities maintenance, records management and office services.
The Claims Division ensures the prompt and equitable disposition of claims that meet the criteria for coverage under the New York Security Fund, thereby contributing to the NYLB's efforts to close the proceedings of Estates in a timely manner.
The Compliance Program, overseen by the Chief Compliance Officer, sets forth bright-line rules that will assist employees in carrying out their job functions ethically and lawfully. The program enforces compliance with all laws, rules, and regulations, including internal policies and procedures.
Creditor & Ancillary Operations
The Division of Creditor & Ancillary Operations oversees the administration of liquidating and settling the affairs of insolvent insurers and assists in discharging the Superintendent's responsibilities as Receiver of New York Liquidations, Rehabilitations, Conservations and Ancillary Proceedings. The Division ensures compliance with applicable statutes, regulations, and policies and adherence to established procedures and controls in the adjudication of all creditors’ claims, the distribution of domestic estates’ assets to creditors in accordance with §7434 of the Insurance Law and the expedited closure of the insolvency proceedings.
The Finance Division of the NYLB safeguards the assets within the Bureau’s jurisdiction by maintaining and exercising internal accounting, reporting and financial controls and procedures. State-of-the-art technology, systems and business practice enable the division to effectively administer the NYLB’s financial activities, in a cost-efficient manner, for the benefit of claimants and creditors.
The Human Resources Division promotes the fair & equitable treatment of Bureau employees and minimizes risk to estates' assets by ensuring compliance with the various laws regulating the workplace. The division implements policies and procedures that are in alignment with organizational goals. The Human Resources Division's functions include administration and recordkeeping, employee benefits, compensation, employee and labor relations, recruitment and hiring, and training and development.
Information Technology Systems
The Information Technology Systems Division provides technical support and services to the NYLB and maintains its computers and telecommunication equipment.
The Legal Division ensures that the NYLB properly fulfills the Superintendent's duties as Receiver and various duties as Administrator of the Security Fund. The Legal Division represents the Superintendent as Receiver and provides advice, drafts and reviews contracts and proposed legislation.
The Reinsurance Division monitors and collects the reinsurance assets of the insolvent domestic insurers on behalf of the Superintendent as Receiver to assist in maximizing recovery by creditors and the timely closing of estates. This is accomplished by adjudicating reinsurance proofs of claim, allowance of assumed claims, audits, billing reinsurance recoverables, pursuing collections, commutations and release agreements, filing proofs of claim in ancillary proceedings, applying letters of credit and processing assumed accounts.
Workers’ Compensation Claims
The Workers’ Compensation Claims Division ensures delivery of workers’ compensation benefits as required by statutes, regulations, and policies. The Division also ensures efficient claims processing and the fair resolution of claims to mitigate the financial burden to the New York Workers’ Compensation Security Fund.