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After 22 Years Bankrupt Insurer May Pay Claims

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. NYLB by taki

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The New York Liquidation Bureau said it will take steps to begin distributing assets of a property insurer that went bankrupt 22 years ago, but never paid a dime to more than 30,000 creditors.

Its Friday announcement is the latest effort by the NYLB, a private non-government agency, to dig into a backlog of work since its recent reorganization.

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