Division of Rehabilitation and Liquidation

Coverage Questions - New America Insurance Company ("New America")

I received a Notice from New America informing me that my policy was cancelled.  Will I get the premium for the unearned premium back?

Yes.  All policyholders should have received their check for any due unearned premium in July 2004.  If you have not received your refund and feel you are due monies, please contact the Receiver.

Was my insurance automatically replaced with another company?

No.  You should contact your agent to obtain replacement insurance coverage before your policy's cancellation date to prevent lapse in coverage.  If you had a homeowner's policy and are unable to obtain a new policy through a licensed agent, you may contact the Florida Market Assistance Plan at (800) 524-9023.

Have policyholders been notified of the Court's action?

Yes. On July 2, 2004 the Receiver mailed approximately 13,300 Notices to Policyholders.

Have the companies Agents and Brokers been notified of the Court's action?

Yes! On July 3, 2004 the Receiver mailed approximately 350 Notice to Agents and Brokers.

Do I have insurance now?

No.  By Court order, all insurance policies issued by New America were cancelled effective 11:59 P.M., Eastern Daylight Time, July 31, 2004, unless otherwise terminated in the ordinary course of business prior to that date.  To summarize, based upon the Rehabilitation Order, your insurance coverage with New America will terminate upon the earlier of:

1. July 31, 2004 at 11:59 P.M. Eastern Daylight Time
2. your policy’s normal renewal or expiration date after July 22, 2004, or
3. non-payment of premium

Is New America writing new business?

No. New America is not writing new business during the rehabilitation while the Receiver reviews the company’s financial situation.

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