|Name of Company:||Sunshine State Insurance Company|
|Date of Liquidation:||June 3, 2014|
|policy cancellation Date:||June 27, 2014|
|Coverage:||Property and Casualty|
|Guaranty Association:||Florida Insurance Guaranty Association(you are leaving the DFS website and opening a new browser window)(FIGA)|
|State of Domicile:||Florida|
|Status of Receivership:||Liquidation|
Notice of Receivership
On June 3, 2014, Sunshine State Insurance Company was ordered into receivership for purposes of liquidation by the Second Judicial Circuit Court in Leon County, Florida. The Florida Department of Financial Services is the court appointed Receiver of Sunshine State Insurance Company (Sunshine State).
Sunshine State was a property and casualty insurance company located in Jacksonville, Florida. It was licensed in Florida in 1997. The company was licensed in three states – Florida, South Carolina, and Mississippi – and primarily wrote homeowners’ insurance coverage.The company also offered Flood Insurance.
Sunshine State had approximately 36,400 active policies as of March 31, 2014. Under the terms of the Liquidation Order, policies which had not expired prior to that time were cancelled effective 12:01 a.m. on the date 30 days after the entry of the Liquidation Order; provided that policies of flood insurance issued by Sunshine State were cancelled.The Department worked with the Florida Office of Insurance Regulation (OIR), and the Florida Insurance Guaranty Association (FIGA) on a transition plan which would provide continued coverage for the Sunshine State policyholders. The Transition Plan was approved by the Court on June 13, 2014.Policies subject to the Transition Plan were cancelled effective 12:01 a.m. on June 27, 2014, but policyholders were able to obtain continued coverage through Heritage Property & Casualty Insurance Company.
FLOOD INSURANCE POLICY INFORMATION:
Flood policies were not cancelled by the Liquidation Order and continued, except if the policy was previously cancelled as a result of the nonpayment of current premium, or upon the normal expiration date.
BUILDERS' RISK POLICY INFORMATION:
Builders' Risk insurance policies are not addressed in the Transition Plan.