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The Insurance Receivership Process in New York

Wednesday, 28 December 2011


The Insurance Receivership Process in New York
By AvidWan
Introduction
Since the Mid-1980s I have actively represented managements, shareholders,
policyholders, claimants, and reinsurers (both as creditors and as debtors) of insurance
operations in liquidation or rehabilitation in New York.  During that time I have observed
the handling (or mishandling) of the receivership process spanning the administrations of
five Governors and eight superintendents.  Each new administration has vowed to “do
something” about the system, and in particular address the “mess” at the Liquidation
Bureau.  What has been clear from these efforts over the years is that the “mess” has been
largely misunderstood and the entrenchment and resilience of the Bureau grossly
underestimated.
When the current administration came on the scene in 2007, it was under the banner of
openness, transparency and reform.  When there appeared to be a significant disconnect
between the promise and reality, and in response to numerous expressions of
exasperation by colleagues, I began a series of eight articles on the receivership process
in New York, which I posted http://newarrival4u.blogspot.com/ at  from August 2008
through March 2009.  After completing the series, I received a number of requests for the
entire series.  I am therefore presenting this series of postings as one combined article.  


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