What is the current status of my policy with Magnolia?
Under the liquidation order, all Magnolia policies are cancelled effective 11:59:59 p.m. on May 30, 2010, unless otherwise terminated prior to that date. Policies with a normal expiration date or those policies that are cancelled for non-payment of premium prior to 11:59:59 p.m. on May 30, 2010 shall stand cancelled as of the earlier date and time. Upon liquidation, property and casualty insurance policies are covered by the Florida Insurance Guaranty Association for a period of no more than 30 days and subject to the limits provided in Florida Statute.
Will I received my premium refund/unearned premium?
Upon liquidation, the Florida Insurance Guaranty Association (“FIGA”) is responsible for paying claims for premium refunds/unearned premium. A $100 statutory deductible will be taken from the amount owed. If the premium refund due is $100 or less, a refund will not be processed by or on behalf of FIGA. A policyholder may have a claim in the Magnolia liquidation proceeding for the $100 deductible or the gross refund less than $100.