On April 22, 2016, the Superintendent of the New York Department of Financial Services ("DFS") commenced a liquidation proceeding for Health Republic Insurance of New York ("HRINY") by filing an Order to Show Cause and Verified Petition in the Supreme Court of the State of New York. HRINY has consented to the liquidation.
The Court set a hearing for May 10, 2016 at 9:30 a.m. (Eastern). At the hearing, a New York State Supreme Court judge will consider approval of a Liquidation Order. The Liquidation Order will appoint the Superintendent as the Liquidator and allow the liquidation process to proceed. The New York Liquidation Bureau will wind down the affairs of HRINY.
For copies of the key legal documents and additional information on the liquidation proceeding and how it will affect members and claimants, please consult HRINY’s website which is linked here.
As liquidation commences, DFS also filled senior staff positions. Scott Fischer, formerly Special Deputy Superintendent at the New York Liquidation Bureau, has been named Executive Deputy Superintendent at DFS, leaving some to question who will assume his role at the Liquidation Bureau which will now oversee the HRINY proceedings. Laura Evangelista has been named Deputy Superintendent at DFS, and earlier this month, Celeste Koeleveld was named DFS’ General Counsel.