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Warranty Company Liquidated by Judge, All Remaining Policies Cancelled

12/21/2009

CONTACT: Kyra Jennings or Nina Banister, (850) 413-2842

TALLAHASSEE—A Circuit Court Judge has ordered the warranty company, Intercontinental Marine Service Corporation (IMSC), DBA First Warranty Group of Florida, into liquidation.  The company, with approximately 10,000 in-force policies in Florida and other states, was originally placed in receivership for purposes of rehabilitation in July 2009, with the Department of Financial Services as the receiver.

The liquidation order, issued late Friday, December 18, by Judge John C. Cooper of the Second Judicial Circuit Court in Leon County, cancelled the remaining motor vehicle service warranty agreements written by IMSC as of 11:59 p.m., December 18, 2009.

“We have specialists standing by to assist policyholders with any questions and to guide them through the liquidation process,” said Florida CFO Alex Sink.  “We will continue to provide information to keep policyholders informed, and I urge consumers to call my helpline or visit my web site if they have any questions.”

Floridians who had service warranty agreements with IMSC, or have any other questions, should visit http://www.MyFloridaCFO.com/Receiver or call CFO Sink’s help line at 1-800-882-3054 or 850-413-3081.

After thoroughly reviewing the books and records of IMSC, the Department of Financial Services determined the company lacked the financial resources for a successful rehabilitation.  The company previously issued motor vehicle service agreements in Florida, Texas, North Carolina and Oklahoma.  IMSC was licensed in Florida in 2003, and surrendered its Florida insurance license in October 2007.

The Department of Financial Services will send a notice of the liquidation proceeding to the known IMSC warranty policyholders, and to automobile dealers that sold the warranties.

There is no guaranty association in Florida for warranty companies.  IMSC policyholders will need to file a claim for any unearned premium and other claims they may have under the warranty contracts as part of the IMSC receivership proceeding.  Instructions for filing claims in the receivership proceeding will be provided to the policyholders at a later date.

Information regarding the liquidation process and copies of the liquidation order for IMSC are available at http://www.MyFloridaCFO.com/Receiver.

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As a statewide elected officer of the Florida Cabinet, CFO Alex Sink oversees the Department of Financial Services.  A successful businesswoman with nearly three decades of experience in the private sector, Sink is serving her first term as Florida's CFO.  As CFO, Sink's priorities include using her business experience to cut wasteful government spending, cracking down on financial and insurance fraud and reforming the state government's contracting practices.