§ 7432 — Adjudication of insolvency of insurer; time to file claims

New York § 7432

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

Text

§ 7432. Adjudication of insolvency of insurer; time to file claims.\n(a) If upon the granting of an order of liquidation pursuant to section\nseven thousand four hundred four of this article or at any time\nthereafter during such liquidation proceeding, such insurer shall not be\nclearly solvent, the court shall, after such notice and hearing as it\ndeems proper, make an order declaring such insurer to be insolvent.\n (b) Where a liquidation, rehabilitation or conservation order has been\nentered in a proceeding against an insurer under this article, all\npersons who may have claims against such insurer shall present the same\nto the liquidator, rehabilitator or conservator at a place specified by\nhim within four months from the date of the entry of such order, or, if\nthe superintendent shall certify that it is necessary, within such\nlonger time as the court shall prescribe. The superintendent shall\nnotify all persons who may have claims against such insurer as disclosed\nby its books and records, to present the same to him within the time as\nfixed. The last day for the filing of proofs of claim shall be specified\nin the notice. Such notice shall be given in a manner determined by the\ncourt.\n (c) Proofs of claim may be filed subsequent to the date specified,\nbut, no such claim shall share in the distribution of the assets until\nall allowed claims, proofs of which were filed before such specified\ndate, have been paid in full with interest.\n