On January 14, 2020, the Superintendent of Financial Services of the State of New York filed a petition with the Nassau County Supreme Court for an order placing Maidstone Insurance Company (“Maidstone”) into liquidation on two grounds: (a) the board of directors unanimously consented to the entry of an order of liquidation on August 7, 2019, and (b) Maidstone is insolvent within the meaning of Insurance Law § 1309.
At this time, there is a Court imposed temporary stay prohibiting Maidstone from issuing any voluntary payments on claims presently being submitted and preventing any No-Fault providers from litigating and/or arbitrating their disputed claims against Maidstone. (See, Order dated January 21, 2020).
