New York Laws
Article 74 - Rehabilitation, Liquidation, Conservation and Dissolution of Insurers
7428 - Disposition of Assets and Compromise of Claims.

(1) sell or otherwise dispose of all or any part of the real and
personal property of an insurer against whom a proceeding has been
brought under this article, and
(2) sell or compound all doubtful or uncollectible debts or claims
owed by or to such insurer including claims based upon an assessment
levied against a member of a mutual insurer.
(b) If the amount of any such real or personal property owned by, or
debt or claim owed by or to, such insurer does not exceed twenty-five
thousand dollars, then the superintendent may sell or dispose of all or
any part of the real or personal property, or compromise or compound the
debt or claim, upon such terms as the superintendent may deem for the
best interests of such insurer without obtaining the approval of the
court.
(c) The superintendent may, subject to the approval of the court,
sell, or agree to sell, or offer to sell, any assets of such an insurer
to such of its creditors who may desire to participate in the purchase,
to be paid for in whole or in part out of dividends payable to such
creditors.
(d) Upon application of the superintendent, the court may designate
representatives to act for such creditors in the purchase, holding
and/or management of such assets, and the superintendent may, subject to
the approval of the court, advance the expenses of such representatives
against the security of the claims of such creditors.

Structure New York Laws