Company Information
Florida Preferred Property Insurance Company
| Name of Company: | Florida Preferred Property Insurance Company |
|---|---|
| case number: | 2006-CA-1198 |
| Date of Liquidation: | June 1, 2006 |
| Policy Cancellation Date: | July 1, 2006 |
| Claims Filing Deadline: | June 1, 2007 |
| Type of Coverage: | Property and Casualty |
| State of Domicile: | Florida |
| Status of Receivership: | Liquidation |
Company Information
Effective June 1, 2006, the Second Judicial Circuit Court in Leon County, Florida, entered orders placing Atlantic Preferred Insurance Company, Florida Preferred Property Insurance Company, and Southern Family Insurance Company in receivership for purposes of liquidation. These companies were members of the Poe Financial Group and are referred to together as the “Poe Insurers.” The Florida Department of Financial Services is the court-appointed Receiver of the Poe Insurers. In liquidation, the Florida Insurance Guaranty Association was activated to help pay outstanding claims of the Poe Insurers.
Background Information
Florida Preferred Property was a Florida corporation that was formed in 2002 and was headquartered in Tampa, Florida. The company was authorized to transact business in the state of Florida as a domestic property and casualty insurer. Florida Preferred Property wrote homeowners multi-peril, allied lines, and fire insurance coverage. In May 2006, Florida Preferred Property reported an impaired financial condition on its quarterly financial statement as of March 31, 2006. As of June 1, 2006, Florida Preferred Property had approximately 144,000 policies in force.
Liquidation Plan
In conjunction with the Office of Insurance Regulation, the Florida Insurance Guaranty Association, and Citizens Property Insurance Corporation, the Receiver developed a plan to provide for an orderly transition of eligible policyholders from the Poe Insurers to other insurers or to Citizens while continuing to serve the interests of the Poe Insurers’ creditors and the public. This plan was submitted to and approved by the Court on June 2, 2006. Under the Liquidation Plan, eligible policyholders were automatically transitioned to Citizens Property Insurance Corporation effective July 1, 2006 without the need for a new application or additional underwriting review. A copy of the Liquidation Plan is available here. A summary of the Liquidation Plan is available here.
On 9/11/2012, the Receiver mailed Notices of Determination to all known claimants. All classes were evaluated and the amount recommended along with the class assignment are identified in the notice. The Objection Filing Deadline is October 26, 2012. Objections will not be accepted after this date.
