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MATTER OF GALAXY INSURANCE COMPANY. NEIL D. LEVIN v. ACCELERATION NATIONAL INSURANCE COMPANY

274 A.D.2d 320 (2000)

710 N.Y.S.2d 72

In the Matter of the Liquidation of GALAXY INSURANCE COMPANY. NEIL D. LEVIN, Superintendent of Insurance, as Liquidator, Appellant, v. ACCELERATION NATIONAL INSURANCE COMPANY, Respondent.

Appellate Division of the Supreme Court of the State of New York, First Department.

Decided July 13, 2000.

In this action, plaintiff alleges that defendant, in an attempt to assuage the concerns of prospective insureds of Galaxy Insurance Company (which was in financial distress), issued certain certificates of suretyship to Galaxy policy holders. These certificates provided that if Galaxy should become insolvent, defendant would assume Galaxy's liabilities.

Subsequently, Galaxy was placed into liquidation by the New York State Insurance Department, and plaintiff, as liquidator...

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