The New York Liquidation Bureau (NYLB) is a unique entity. Receiving no funding from taxpayers, it carries out the responsibilities of the Superintendent of Financial Services as Receiver, in the discharging of the Superintendent's statutorily defined duties to protect the interests of the policyholders and creditors of insurance companies that have been declared impaired or insolvent.
The NYLB has performed this function since 1909, when the New York State Legislature passed the law mandating that the Superintendent assume the separate responsibility of Receiver. In the case of each insurance company in receivership, the Superintendent as Receiver is appointed by the New York State Supreme Court. The Court approves all of the actions of the Superintendent, and by extension those of the NYLB.
Legal and Estate Notices:
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Fiduciary Insurance Company of America
An order approving a claims adjudication procedure was filed by the Court on January 7, 2019.
--[Read Order]
- Park Insurance Company
An Order to Show Cause seeking, among other things, an order of liquidation against Park Insurance Company (“Park”) was signed by the Supreme Court, New York County, on October 19, 2017. The Court has held several hearings on the application and a trial is currently in progress to determine whether Park should be placed into liquidation. Please refer to the Court’s website for upcoming trial dates.
--[Read OTSC]
--[Read Supporting Papers]
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American Medical and Life Insurance Company
An order approving a claims adjudication procedure was filed by the Court on December 11, 2018.
--[Read Order]
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Guarantee Insurance Company
An Order to Show Cause seeking, among other things, approval of the Ancillary Receiver's report and closure of this ancillary receivership proceeding, has been signed by the Supreme Court, New York County, with a return date of January 31, 2019.
--[Read OTSC]
--[Read Supporting Papers]
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Legion Insurance Company
An Order was filed with the New York County Clerk's office on November 26, 2018, closing this ancilliary receivership proceeding.
--[Read Order]
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Touchstone Health HMO,Inc.
An Order to Show Cause seeking approval of an adjudication procedure for claims and appointment of a referee was submitted to Court, and the return date on the motion is January 28, 2019. Please note that the Court has indicated there will be no appearance on the return date.
--[Read Order]
--[Supporting Papers]
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Drivers Insurance Company
An Order was filed with the New York County Clerk's office on November 14, 2018, closing this liquidation proceeding.
--[Read Order]
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American Medical and Life Insurance Company
The return date for the Order to Show Cause seeking approval of a claims adjudication procedure and appointment of a referee has been adjourned to December 4, 2018 at 9:30 am at the Courthouse at 71 Thomas Street, IAS Part 56, Room 311, New York, New York.
--[Read Notice]
--[Read OTSC]
--[Supporting Papers]
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