Liquidation Date: 10/2/2019
NAIC Number: 17248
Claim Deadline: 10/2/2021
Effective 10/2/2019 Florida Specialty Insurance Company (“FSIC”) was ordered into liquidation by Second Judicial Circuit Court in Leon County, Florida. The liquidation order was amended 10/25/19 to remove disputed findings of fact, including the finding of insolvency required to engage FIGA. On 11/1/19 the Court issued an order requiring FIGA to begin paying FSIC claim and unearned premiums. The Florida Department of Financial Services (Department) is the court appointed receiver of FSIC. A copy of the liquidation order is available on the Department’s website, https://www.myfloridacfo.com/division/receiver/
With the entry of the orders, the Florida Insurance Guaranty Association (“FIGA”) has been activated to help pay outstanding Florida claims for property and casualty policies. The processing and payment of covered claims will be made by FIGA (subject to the lesser of policy limits or FIGA’s maximum cap). The maximum amount FIGA will cover is generally $300,000 per claim or $100,000 times the number of units for condominium and homeowner’s association claims. An additional $200,000 is available for structure and contents on homeowners’ claims. For more information see the FAQ section of this website or the Florida Receiver website. No claim will be paid in excess of this cap. All claims are subject to a $100 statutory deductible over and above any deductible identified in the FSIC policy. A policyholder may file a claim in the FSIC receivership for the $100 deductible and for amounts over the cap.
The Florida Receiver is working on transitioning claims to FIGA for handling. Claimants who need to report a new claim or check on the status of an existing claim should continue to contact the Florida Specialty Insurance Company at (866) 554-5896 (toll-free) or email@example.com until the claims are transferred to FIGA.
All policyholders should be informed that per Section 631.68, Florida Statutes, the deadline for settling a claim or filing suit against FIGA is 10/2/2021.
Premium Refunds/Unearned Premium: The Florida Receiver is currently calculating unearned premium refunds on behalf of FIGA and expects to have all returned premium refunds processed as soon as possible. Refunds for policyholder that elected to transition to Citizens Property Insurance Corporation will be paid directly to Citizens. All other refund will be paid to policyholders. A $100 per policy statutory deductible applies to both Citizens transition and individual policy refunds and will be deducted from the amount paid.
For questions regarding the receivership, consumers are asked to contact the Receiver by using the “Contact Us” form at the Receivers website, www.myfloridacfo.com/division/receiver or call the Florida Department of Financial Services, as Receiver, at (800) 882-3054 (in Florida only) or (850) 413-3081.