Division of Rehabilitation and Liquidation
| Name of Company: | Fortune Insurance Company |
|---|---|
| Date Closed | December 31, 2011 |
| Date of Liquidation: | July 6, 2001 |
| Policy Cancellation Date: | August 5, 2001 |
| Claim Filing Deadline: | October 4, 2002 |
| Guaranty Association: | Florida Insurance Guaranty Association (you are leaving the DFS website and opening a new browser window) |
| Type of Coverage: | Property and Casualty |
| State of Domicile: | Florida |
| Status of Receivership: | Closed |
On May 21, 2001, Fortune Insurance Company ("Fortune") was placed into receivership for the purposes of Rehabilitation by the Second Judicial Circuit Court in and for Leon County, Florida ("Court"). On July 6, 2001, Fortune was placed into Liquidation. The Florida Department of Financial Services is the court-appointed receiver of Fortune.
Proof of claim forms were mailed to claimants of Fortune. The claims filing deadline was October 4, 2002. Any proof of claim forms filed after the claims filing deadline were considered "late filed".
On May 22, 2008, the First Interim Claims Report and Recommendations on Claims was filed with the Court. The Court issued an Order approving the report on May 23, 2008. Notices were then mailed on June 10, 2008 to 2,034 Class 1 and Class 2 Fortune claimants informing them of the Receiver's recommendations concerning the classifications and amounts on their claims, along with instructions on how to proceed if a claimant objects to the recommendations. Objections were required to be filed by the claimant, in writing, with both the Court and the Receiver and postmarked by July 11, 2008. Objections filed after that date were not considered.
On January 16, 2009, the Court approved the Final Claims Report-Part 1 regarding a distribution of assets in this estate. Under the terms of the Order, Class 1 and Class 2 claimants were approved to receive a 100% distribution of the adjudicated amounts on their claims. Distributions were mailed on February 11, 2009.
On January 21, 2010, the Second Interim Report on Claims was filed with the Second Judicial Circuit Court in and for Leon County, Florida ("Court") in the estate of Fortune. On January 21, 2010, the Court issued an order approving the report. A total of 27,941 claims were filed in the Fortune estate within Classes 3 through 10. Claims in Class 3 were evaluated but there was no evaluation completed for claims in Classes 4 through Class 10 due to limited assets in this estate. On February 3, 2010, notices were mailed to these claimants. The notice informed them of the Receiver's recommendations concerning the classification and amount of their claim, along with instructions on how to proceed if a claimant objected to the recommendations. Objections were required to be filed by the claimant, in writing, with both the Court and the Receiver and postmarked by March 31, 2010. Objections filed after that date were not considered.
On January 13, 2011, the Final Claims Report, Claims Distribution Report and Distribution Accounting were filed with the Court. On January 14, 2011, the Court issued an Order approving the motion and authorized a distribution of assets in this estate. Under the terms of the Order, 26,576 Class 3 claimants were approved to receive a 85.0565% distribution of the adjudicated amounts on their claims. Distribution checks were mailed on February 15, 2011.
There are no future distributions planned for this estate.
For questions or comments regarding this website, please click here.
