§ 7411 — Filing and proving of claims of non-residents against delinquent insurers domiciled in this state

New York § 7411

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 74: Rehabilitation, Liquidation, Conservation and Dissolution of Insurers

Text

§ 7411. Filing and proving of claims of non-residents against\ndelinquent insurers domiciled in this state. (a) In a delinquency\nproceeding begun in this state against an insurer domiciled in this\nstate, claimants residing in reciprocal states may file claims either\nwith the ancillary receivers, if any, in their respective states, or\nwith the domiciliary receiver. All such claims must be filed on or\nbefore the last date fixed for the filing of claims in the domiciliary\ndelinquency proceedings.\n (b) (1) Controverted claims of claimants residing in reciprocal states\nmay either be proved in this state as provided by law, or, if ancillary\nproceedings have been commenced in such reciprocal states, may be proved\nin those proceedings.\n (2) If a claimant elects to prove his claim in ancillary proceedings\nand if notice of the claim and opportunity to appear and be heard is\nafforded the domiciliary receiver of this state as provided in section\nseven thousand four hundred twelve of this article with respect to\nancillary proceedings in this state, the final allowance of such claim\nby the courts in the ancillary state shall be accepted in this state as\nconclusive as to its amount, and as to its priority, if any, against\nspecial deposits or other security located within the ancillary state.\n