New York Consolidated Laws

N.Y. Insurance Law § 7432 (2026)

Adjudication of insolvency of insurer; time to file claims

✓ current as of May 2026

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§ 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.

Notes of Decisions

Cited in 7 cases, 1985–2011 · leading case: In Re the Liquidation of Union Indem. Ins., 699 N.E.2d 852 (NY 1998).

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In Re the Liquidation of Union Indem. Ins., 699 N.E.2d 852 (NY 1998). · cites it 2× “Thus, Royal's alternative "allowed claim" argument fails, in that the insolvent insurer's assets in this case are concededly insufficient to pay all estate claims in full ( see , majority opn, at 119), and Jason dictates that claims must be actually, as opposed to…”

Cannelton Indus., Inc. v. Aetna Cas. & Sur. Co. of Am., 460 S.E.2d 18 (W. Va. 1994). “3 (Smith-Hurd 1993); N.Y. Insurance Law § 7432 (McKinney 1985); N.”

In re Transit Cas. Co., 588 N.E.2d 38 (NY 1992). “, Insurance Law § 7432 [b]). The orderly administration of such proceed *20 ings contemplates that all claims will be submitted within a limited time frame fixed by the court and that claims submitted after that time will be disallowed.”

In re the Liquidation of Am. Fid. Fire Ins., 208 A.D.2d 830 (N.Y. App. Div. 1994). · cites it 2× “The appellant challenged the denial, claiming that it never received any notice of the liquidation or proof of claim forms pursuant to Insurance Law § 7432. The Supreme Court confirmed a Special Referee’s report, finding that the liquidator had established a regular office…”

Everest Reinsurance Co v. Wrynn, 87 A.D.3d 487 (N.Y. App. Div. 2011). “” Moreover, Insurance Law §§ 7432 and 7433 provide for the processing of claims by the liquidator while section 7434 (a) (1) contemplates the payment of claims upon the recommendation of the liquidator under the direction of the court.”

Levin v. Deera Homes, Inc., 283 A.D.2d 258 (N.Y. App. Div. 2001). “In any event, we find that the counterclaims are time-barred for defendant’s failure to present them to the Liquidator within four months from the date of entry of the liquidation order (see, Insurance Law § 7432 [b]). Concur— Sullivan, P.”

In re Consol. Mut. Ins., 110 A.D.2d 698 (N.Y. App. Div. 1985). “Nothing in the Insurance Law prevents this claim from being pursued as a class action; moreover, Insurance Law former § 543 (now Insurance Law § 7432) has been satisfied by the filing of a notice of claim on behalf of the class (see, Hoerger v Board of Educ.”

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