NYLBNew York and Long Branch Railroad Company
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"The termination of these contracts is part of a wide-scale plan to reduce the bureau's dependence on costlyoutside consultants and allow the NYLB to operate in a more economical and efficient manner" he said.
As comptroller, Hevesi tried to audit the NYLB's books, but was stopped by the 2005 court ruling.
NYLB said it had gone to court and filed a petition and initial report on the liquidation of the Union Indemnity Insurance Company of New York, which has more than $100 million in assets.
Under the measure, endorsed by the Insurance Department and NYLB, NYLB will provide the Governor, Legislature and public with more comprehensive annual reports, with an opinion provided by an outside auditor, including detailed information of the status of the New York domiciled estates in liquidation or rehabilitation.
As an NYLB Assistant Special Deputy Superintendent, for example, he oversaw the Reinsurance and Estate Management Divisions.
The blanket immunity and broad injunctive relief granted in the ELNY liquidation permits the Superintendent, the NYLB and their agents to hide the fraud, waste and mismanagement that doomed ELNY behind the pretext of court supervision.
Lawsky said that the NYLB will continue to build on that foundation and work hard to handle claims and make distributions to stakeholders in a responsible and expeditious manner.
Bing joined Wilson Elser in 2012 after serving as special deputy superintendent in charge of the 260-employee New York Liquidation Bureau (NYLB), appointed by Governor Andrew Cuomo.
The NYLB acts on behalf of the superintendent as the court-appointed fiduciary and receiver of insurance companies that have been declared impaired or insolvent.
The New York Liquidation Bureau (NYLB), which grossly mismanaged ELNY after the company went into receivership in 1991 and forced its liquidation, threatening the financial security of some 1,500 families across the country.
Plaintiff lawyer Ed Stone, who represented shortfall payees, has questioned the receivership process in New York, and the DFS and NYLB handling of the case repeatedly, in public and in lawsuits, calling foul on a process that has driven benefit cuts to the shortfall victims of approximately $920,000,000.
The record establishes that NYLB seized records of LIIC after an order of liquidation of LIIC had been entered by the Supreme Court.