2013 New York Consolidated Laws
ISC - Insurance
Article 74 - (7401 - 7437) REHABILITATION, LIQUIDATION, CONSERVATION AND DISSOLUTION OF INSURERS
7432 - Adjudication of insolvency of insurer; time to file claims.

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