Matter of Interboro Mut. Indem. Ins. Co.
2009 NY Slip Op 29225 (Sup. Ct. Nasaau Co. 2009)
This case, despite how simple it appears, involved an extremely complicated analysis of Article 73 of the Insurance Law, Article 74 of the Insurance Law (Companies involved in rehabilitation/liquidation), Article 51 of the Insurance Law (No-fault), CPLR Section 2221 (leave to renew), and why established precedent from the 1930s should guide this matter, as opposed to the plethora of modern no-fault law cases.
The case may be best summarized as follows. A company exiting rehabilitation is in a completely different position than a company that never entered rehabilitation. Similar to an entity that succeeds in fulfilling its obligations under a Chapter 11 or Chapter 13 bankruptcy plan, an entity that successfully exits rehabilitation will play by a different set of rules. That is really what this case is about, and within the confines of commercial practice, this makes sense.
