NU Online News Service, Dec.11, 11:34 a.m. EST
The New York Liquidation Bureau held a celebratory breakfast today to market its 100th anniversary, a spokesman said.
NYLB, which acts on behalf of the New York Insurance superintendent as receiver for bankrupt insurers, was created in 1909 to serve 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.
Insurance Superintendent James J. Wrynn marked the anniversary by issuing a statement that, "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."
Mr. Wrynn said he congratulated Special Deputy Superintendent Dennis Hayes, the NYLB and its dedicated employees on reaching the milestone.
"I look forward to the next hundred years of NYLB's service to the people of New York State," he said.
Mr. Hayes thanked the unit's employees and said, "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."
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