New York State
James J. Wrynn Superintendent of Insurance 25 Beaver Street New York, N.Y. 10004
|ISSUED 12/11/2009||FOR IMMEDIATE RELEASE|
“The New York Liquidation Bureau (NYLB), which acts on behalf of the Insurance Superintendent as Receiver, turned 100 years old this year. The NYLB – created in 1909 under the New York insurance law – serves as a backstop when New York State insurers become impaired or insolvent. The NYLB has two key functions: managing these insurance companies in the public interest, and handling claims on behalf of New York State’s insurance security funds, when an insurer no longer can.
The service the NYLB provides, though not widely known, is critical to the smooth functioning of the insurance industry, both in New York State and globally, as well as to New York’s insurance policyholders. I congratulate Special Deputy Superintendent Dennis Hayes, the NYLB and all its dedicated employees on reaching this milestone. I look forward to the next hundred years of NYLB’s service to the people of New York State.”
“On this centennial of the NYLB, I want to offer my congratulations to all our dedicated employees and thank them for their service. Together we can continue our emphasis on responsible and accountable stewardship of the insurance companies in receivership, and do everything possible to maximize estate assets, improve estates’ positions and earn the continued confidence of New York’s insurance policyholders.