§ 7428 — Disposition of assets and compromise of claims

New York § 7428

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

Text

§ 7428. Disposition of assets and compromise of claims. (a) The\nsuperintendent may, subject to the approval of the court:\n (1) sell or otherwise dispose of all or any part of the real and\npersonal property of an insurer against whom a proceeding has been\nbrought under this article, and\n (2) sell or compound all doubtful or uncollectible debts or claims\nowed by or to such insurer including claims based upon an assessment\nlevied against a member of a mutual insurer.\n (b) If the amount of any such real or personal property owned by, or\ndebt or claim owed by or to, such insurer does not exceed twenty-five\nthousand dollars, then the superintendent may sell or dispose of all or\nany part of the real or personal property, or compromise or compound the\ndebt or claim, upon such terms as the superintendent may deem for the\nbest interests of such insurer without obtaining the approval of the\ncourt.\n (c) The superintendent may, subject to the approval of the court,\nsell, or agree to sell, or offer to sell, any assets of such an insurer\nto such of its creditors who may desire to participate in the purchase,\nto be paid for in whole or in part out of dividends payable to such\ncreditors.\n (d) Upon application of the superintendent, the court may designate\nrepresentatives to act for such creditors in the purchase, holding\nand/or management of such assets, and the superintendent may, subject to\nthe approval of the court, advance the expenses of such representatives\nagainst the security of the claims of such creditors.\n