National Title Insurance Company
|Name of Company:
||National Title Insurance Company
|Date of Rehabilitation:
||July 6, 2009
|Type of Coverage:
|State of Domicile:
|Status of Receivership:
Notice of Receivership
On July 6, 2009, National Title Insurance Company (“National Title”) 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 National Title. The company consented to the receivership.
National Title Insurance Company, a Florida corporation that was licensed in 1936, was headquartered in Miami, Florida. The company was authorized to write title insurance policies in Florida, Alabama, Georgia, Louisiana, Mississippi, South Carolina and Tennessee. No policies were written in Louisiana, Mississippi or South Carolina. National Title is no longer writing new policies.
On July 10, 2012, the Receiver filed the Receiver's Status Report and Motion for Approval of Revised Plan of Rehabilitation and Cancellation of Out of State Policies ("Motion"). On July 13, 2012, the Court issued an Order Approving the Receiver's Revised Plan of Rehabilitation and Cancellation of Out of State Policies ("Order"). The revised plan is summarized below; however, copies of both the Motion and Order can be reviewed in their entirety, by clicking here.
Below is a summary of the Receiver's Revised Plan of Rehabilitation as approved by the Court:
- Florida Policyholders:
- Florida policies will remain in full force and effect during the rehabilitation of National Title. The Receiver will calculate the amount of funds needed to pay all Florida claims and administrative expenses of this estate for one year. The information will be provided to the Office of Insurance Regulation (OIR) which will assess title insurance companies writing in Florida to cover the existing Florida claims and administrative costs of the estate for the balance of 2012 and annually in the future. Click here to see a copy of the Court ordered Notice and Invoice.
- Alabama, Georgia, and Tennessee Policyholders:
- In the states of Alabama, Georgia, and Tennessee, outstanding National Title policies are cancelled effective 11:59 p.m. on the date of the Order, July 13, 2012.
- A claims filing deadline of July 13, 2013 is established for claims of policyholders located in Alabama, Georgia and Tennessee.
- Claims are to be submitted to the Receiver on or before the claims filing deadline. Claims submitted after the claims filing deadline will be denied unless otherwise ordered by the Court.
- The Receiver has published notice in various publications in Alabama, Georgia and Tennessee regarding the cancellation of the National Title policies in those states. Click here to view a copy of the Notice of Cancellation.
- The Receiver will establish a process for the review of claims and an objection process. Due to limited funds, all claims payments on policies written in these states will stop until after the claims filing deadline.
- Pursuant to Section 631.400, Florida Statutes, the Receiver will allocate funds in the estate to pay claims in Alabama, Georgia and Tennesee.