NY LawTamer

  Return to Article 74  




§7411

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

§7411(a)

(a) In a delinquency proceeding begun in this state against an insurer domiciled in this state, claimants residing in reciprocal states may file claims either with the ancillary receivers, if any, in their respective states, or with the domiciliary receiver. All such claims must be filed on or before the last date fixed for the filing of claims in the domiciliary delinquency proceedings.

§7411(b)

(b)

§7411(b)(1)

(1) Controverted claims of claimants residing in reciprocal states may either be proved in this state as provided by law, or, if ancillary proceedings have been commenced in such reciprocal states, may be proved in those proceedings.

§7411(b)(2)

(2) If a claimant elects to prove his claim in ancillary proceedings and if notice of the claim and opportunity to appear and be heard is afforded the domiciliary receiver of this state as provided in §7412 of this article with respect to ancillary proceedings in this state, the final allowance of such claim by the courts in the ancillary state shall be accepted in this state as conclusive as to its amount, and as to its priority, if any, against special deposits or other security located within the ancillary state.
Source Data downloaded: 2009-04-09 15: 54: 05;       Processed: 2009-05-08 15: 36: 32


  Return to Article 74  
©2009 Paul Margus, FSA, MAAA