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. The assets of NYLB are looked after by the finance division and the Human Resource department protects the estates by minimizing the risk (New York Liquidation Bureau-a, “About us”). The bureau does not own any assets, rather it holds and manages the assets of the security funds and estates and acts as a fiduciary for the benefits of the creditors and policyholders of the Estates. The Bureau’s total receipts for the year 2010 stood at $ 195,486,151 as compared to 2009 of $ 100,186,041 and net receipts was much higher as compared to previous year and was calculated to be $15,588,520. Cash comprised only the money which are deposited in the CDA and for longer term investment opportunities the cash is placed in the Money Market Deposit Account so that a more attractive yield is achieved. The bureau monitors the cash balance based which are in excess of insured limits and based on the information, such balances does not represents material credit risk for the New York Liquidation Bureau. Thus cash at the beginning of the year 2010 accounted to $15,022,557 and for 2009 cash was $7407191 and cash at the end of the year accounted for a total amount of $30, 611,077 in 2010 and $ 15,022,557 at the year 2009 (NYLB-c, p.3-4). Literature review The New York Liquidation Bureau performs the responsibility as a Receiver for the Superintendent of Insurance and the Bureau acts on the behalf of the superintendent in order to carry out the duties to safeguard the interest of the creditors and policyholders of the insolvent and impaired insurance companies. The Bureau takes care of the insolvent insurance companies in order to maximize the assets and resolve the liabilities, return back the rehabilitated insurance companies to market place so as to distribute the proceeds of the company to the creditors within the given period of time. NYLB has been performing the function of the Receiver since 1909. When the insurance company is