NYLB distributing assets of failed insurers
May 31, 2013 by Elizabeth D. Festa
The New York Liquidation Bureau (NYLB) has released its 2012 annual report stating that the Bureau distributed a record $345.6 million in estate assets to insurance policyholders, claimants and creditors, while also significantly reducing the number of outstanding policyholder claims by nearly one-third.
“The Bureau is making significant progress in resolving claims so that money gets out the door faster to the policyholders and claimants. We are closing a number of longstanding estates and accelerating the pace of newer estates closings,” stated Benjamin Lawsky, Superintendent of Financial Services.