N.Y. Insurance Law § 7717: Stay of proceedings; reopening default judgments

§ 7717. Stay of proceedings; reopening default judgments. All

proceedings in which the impaired or insolvent insurer is a party in any

court in this state shall be stayed sixty days from the date an order of

liquidation, rehabilitation, or conservation is final to permit proper

legal action by the corporation on any matters germane to its powers or

duties. As to judgment under any decision, order, verdict or finding

based on default the corporation may apply to have such judgment set

aside by the same court that made such judgment and, if such application

is granted in the court's discretion, the corporation shall be permitted

to defend against such suit on the merits. The provisions of this

section shall be in addition to any other provision provided by law.