The New York Liquidation Bureau (“NYLB”) functions as the staff of the Superintendent of Financial Services of the State of New York (“Superintendent”) in her capacity as court-appointed receiver (“Receiver”) under New York Insurance Law Article 74 (“Insurance Law”) and as administrator (“Administrator”) of the Property/Casualty Insurance Security Fund (“P/C Fund”), Public Motor Vehicle Liability Security Fund (“PMV Fund”) and Workers’ Compensation Security Fund (“WC Fund”) (collectively, the “Security Funds”) under Article 76 of the Insurance Law and Article 6-A of the New York Workers’ Compensation Law.

Article 74 of the Insurance Law authorizes the Superintendent to apply to the Supreme Court of the State of New York to place impaired or insolvent insurance companies into receivership for the protection of policyholders and other creditors. Receivership orders may take the form of a liquidation order under Insurance Law Section 7405 directing the Receiver to marshal and distribute the insurer’s assets for the benefit of its creditors, or a rehabilitation order under Insurance Law Section 7403 directing the Receiver to remove the causes and conditions that made the receivership necessary. In either case, the order requires the Receiver to take possession of the insurer’s property and manage its affairs subject to the supervision of the Court.

As staff to the Receiver and Administrator, we strive to manage assets and resolve claims in a professional, independent, and timely manner to protect the interests of New York insureds, claimants, and other creditors of estates in receivership.