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Division Director

Greg Thomas


Insurance Agent and Agency Services
200 East Gaines Street
Tallahassee, FL 32399-0318
Bureau of Licensing
(850) 413-3137
Bureau of Investigation
(850) 413-3136
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Notice of Rehabilitation and Subsequent Liquidation of Northern Capital Insurance Company


On April 12, 2010, Northern Capital Insurance Company (“NCIC”) was ordered into receivership for purposes of rehabilitation by the Second Judicial Circuit Court in Leon County, Florida. The Florida Department of Financial Services is the court appointed Receiver of NCIC. The company admitted that it is insolvent and consented to the receivership. At the same time the Court entered the rehabilitation order, the Court also entered an order liquidating NCIC effective May 1, 2010. The Department requested the combination of the rehabilitation, followed directly by the effective May 1, 2010 liquidation of NCIC, primarily in order to allow the Department additional time to assist NCIC’s policyholders in their efforts to obtain replacement property and casualty insurance coverage prior to the beginning of the 2010 hurricane season.

Company Demographic Information:
Northern Capital, a Florida corporation licensed in 2006, is headquartered in Miami, Florida. The company was authorized to transact business in the state of Florida as a domestic property and casualty insurer. Northern Capital wrote homeowner’s multi-peril, inland marine and commercial automobile insurance coverage in Florida.

A subsidiary of Northern Capital, Landmark One Insurance Company changed its name to Northern Capital Select Insurance Company effective April 27, 2009. On December 31, 2009, Northern Capital Select Insurance Company merged with Northern Capital Insurance Company, with Northern Capital Insurance Company as the surviving entity. Therefore, policies written through all three companies are now insured under the same company name, Northern Capital Insurance Company.

INFORMATION REGARDING POLICY AND CLAIMS ISSUES DURING REHABILITATION:

NCIC is not writing new policies. The company’s existing policies are not cancelled by the rehabilitation order and will continue in the ordinary course of business until the effective May 1, 2010 liquidation of the company. (PLEASE NOTE, HOWEVER, THAT THE LIQUIDATION ORDER WILL CANCEL POLICIES EFFECTIVE 11:59:59 P.M. ON MAY 30, 2010, UNLESS OTHERWISE TERMINATED PRIOR TO THAT DATE). During rehabilitation, the Receiver will continue to process and pay claims in the ordinary course of business to the extent possible. Additional information regarding these issues will be available on the Receiver’s web site, www.myfloridacfo.com/Division/Receiver, within the next few days.

Until further notice, all questions relating to current NCIC policy and claims issues should be directed to NCIC’s customer service department at 1-888-449-0140.

CONTACTING THE RECEIVER:

For non-claims related questions regarding the receivership, consumers are asked to contact the Receiver by using the “Contact Us” form at the Receiver’s web site, www.myfloridacfo.com/Division/Receiver or call the Florida Department of Financial Services, as Receiver, at 1-800-882-3054 or (850) 413-3081. Copies of the April 12, 2010 Rehabilitation Order and the effective May 1, 2010 Liquidation Order for NCIC and other relevant information is available on the Receiver’s web site, www.myfloridacfo.com/Division/Receiver.


April 13, 2010