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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.
Competitive Bidding Notices:
RFP: Legal Fee and Expense Auditing Services
The NYLB is seeking a qualified Bidder to provide customized legal fee and expense processing and
auditing services with application/software and supporting services. The Services must provide a webbased application or software for the electronic receipt and review of legal fee and expense invoices
from law firms retained by the NYLB, and the implementation of the application within the NYLB’s
operations. To the extent available, Bidders may propose services for manual bill auditing, including
challenge and appeals process, implementation and support, metrics and analytics, and other solutions
to better understand and manage legal performance and expenses on insurance defense claims in an
efficient and cost-effective manner. The estimated per year related business size is 5,000 invoices with
a billing value of $6-7 million from 140 different law firms.
Potential bidders interested in scheduling a Q and A session with the NYLB may submit a request to Compliance@nylb.org.
The deadline to submit a request is June 28, 2024.
-- View Request For Proposal
Legal and Estate Notices:
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Arrowood Indemnity Company
An Order to Show Cause seeking, among other things, an order of ancillary receivership against Arrowood Indemnity Company was signed by the Supreme Court, New York County with an original submission date of March 28, 2024. The Court has now scheduled oral argument for June 4, 2024 at 2:30 p.m. via Microsoft Teams.
--[Read OTSC]
--[Read Supporting Papers]
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Cuatro LLC
An Order closing this liquidation proceeding was filed with the Supreme Court, New York County, on March 15, 2024.
--[Read Order]
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Frontier Insurance Company
An Order closing this liquidation proceeding was signed and entered by the Supreme Court, Albany County, on March 7, 2024.
--[Read Order]
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Arrowood Indemnity Company
An Order to Show Cause seeking, among other things, an order of ancillary receivership against Arrowood Indemnity Company was signed by the Supreme Court, New York County, with a return date, on submission only, of March 28, 2024.
--[Read OTSC]
--[Read Supporting Papers]
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Cuatro LLC
An Order to Show Cause seeking, among other things, approval of a final report and closure of this liquidation proceeding has been rescheduled from March 7, 2024 to March 14, 2024 at 2:30 p.m.
--[Read OTSC]
--[Read Supporting Papers]
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Cuatro LLC
An Order to Show Cause seeking, among other things, approval of a final report and closure of this liquidation proceeding was signed by the Supreme Court, New York County, with a return
date of March 7, 2024.
--[Read OTSC]
--[Read Supporting Papers]
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American Medical and Life Insurance Company
An Order closing this liquidation proceeding was filed with the Supreme Court, New York County, on January 19, 2024.
--[Read Order]
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Frontier Insurance Company
An Order to Show Cause seeking, inter alia, approval of a final report and closure of this liquidation proceeding was signed by the Supreme Court, Albany County, with a return date of March 7, 2024.
--[Read Order to Show Cause]
--[Read Supporting Papers]
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Park Insurance Company
An Order approving the Early Access, Disbursement, Reimbursement and Refunding Agreement for Park Insurance Company was entered by the Supreme Court of the State of New York, New York County on December 7, 2023.
--[Read Order]
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Eveready Insurance Company
An Order closing this liquidation proceeding was filed with the Supreme Court, New York County, on December 1, 2023
--[Read Order]
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Highlands Insurance Company
An Order closing this ancillary receivership proceeding was filed with the Supreme Court, New York County, on November 21, 2023.
--[Read Order]
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Park Insurance Company
An Order to Show Cause seeking approval of the Early Access, Disbursement, Reimbursement and Refunding Agreement for Park Insurance Company was signed by the Supreme Court, New York
County. The return date on the motion, which will be taken upon submission, is November 30, 2023.
--[Read Order to Show Cause]
--[Read Supporting Papers]
- More...
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