§ 7432. Adjudication of insolvency of insurer; time to file claims.
(a) If upon the granting of an order of liquidation pursuant to section
seven thousand four hundred four of this article or at any time
thereafter during such liquidation proceeding, such insurer shall not be
clearly solvent, the court shall, after such notice and hearing as it
deems proper, make an order declaring such insurer to be insolvent.

(b) Where a liquidation, rehabilitation or conservation order has been
entered in a proceeding against an insurer under this article, all
persons who may have claims against such insurer shall present the same
to the liquidator, rehabilitator or conservator at a place specified by
him within four months from the date of the entry of such order, or, if
the superintendent shall certify that it is necessary, within such
longer time as the court shall prescribe. The superintendent shall
notify all persons who may have claims against such insurer as disclosed
by its books and records, to present the same to him within the time as
fixed. The last day for the filing of proofs of claim shall be specified
in the notice. Such notice shall be given in a manner determined by the
court.

(c) Proofs of claim may be filed subsequent to the date specified,
but, no such claim shall share in the distribution of the assets until
all allowed claims, proofs of which were filed before such specified
date, have been paid in full with interest.