Message from Chief Financial Officer Alex Sink
Unfortunately, there are times when rehabilitation is not a possibility and courts must order companies into liquidation. In those instances, we guide the process toward the most beneficial conclusion for all involved. This Annual Report from DFS’ Division of Rehabilitation and Liquidation details the steps taken by the Division as receiver, provides information on the receiverships the Division was involved in for Fiscal Year 2006-2007, and highlights the Division’s successes and goals in our commitment to continually improve our service to the citizens of Florida. We appreciate your taking the time to review this report and to learn about DFS’ role in the insurance company receivership process. Sincerely,
During the past fiscal year, the Division continued modernizing its information infrastructure. The Division is involved in projects sponsored by the National Association of Insurance Commissioners (NAIC), including developing a software product specifically for use by receivers in all states to improve the receivership proof of claim process (ClaimNet) through automation. Additionally, because a receivership estate generates an extraordinary number of documents, the Division is implementing a document management system to standardize the naming of documents, facilitate file retrieval and sharing of documents to be edited, and eliminate duplicate files on the computer network. The importance of having an electronic file management tool was reinforced by the U.S. Supreme Court approval of the amended Federal Civil Rules of Procedure regarding electronic discovery requirements for litigation, which became effective on 12/01/06. For more information about insurance company receivership matters, visit our website at www.floridainsurancereceiver.org. Again, thank you for your interest in the Division of Rehabilitation and Liquidation. Sincerely,
R.J. Castellanos Director of Rehabilitation and Liquidation |
When an insurance company is sent to the Department of Financial Services (DFS) for rehabilitation, our goals are to protect consumers’ policies and to help troubled companies get back on their feet financially. 
We are pleased to present the Division of Rehabilitation and Liquidation’s 2007 Annual Report. Our primary role is to serve as receiver of an insurance company when the Department of Financial Services is appointed by a court. Our mission is to manage these receiverships in order to maximize value to claimants and the public.