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The New York Liquidation Bureau known as the NYLB is a unique entity which does not receives any fund from the taxpayers but carriers out the functions of Superintendent of financial services as a receiver and discharges his statutory duties…
This function started since 1909 after the New York legislation passed a law which stated that the receiver would have separate responsibility and was appointed by the State Supreme Court of New York (New York Liquidation Bureau, “Home”). Mr.Bing, chief executive officer of the NYLB authored 85 bills that passed the Assembly and around 35 of the bills passed the senate and were signed into law. Among these law included the 2006 law passed by Mr.Bling which stated about the limitation of workers, recovery and clean up workers, compensation claims made by the 9/11 rescues; other law stated were the 2010 no fault divorce law, adoption of the UPMIFA statute in 2010, the law of criminal and civil penalties in the year 2008. Apart from the law stated above the chief executive also authored laws for the insurance and real estate sector so that these industries could taste success even during hard economic times.
NYLB performs administrative and operational support to NYLB through economical and timely procurement of goods and services. The claims division looks after the disposition of claims which meets the criteria under the New York Security Fund, enabling NYLB to close its proceeding of estates with the allocated time. The creditor and ancillary division looks after the insolvent users and helps the Superintendent performs his responsibilities ...
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