|Name of Company:||Insurance Company of the Americas|
|case number:||2018 CA 00125|
|Date of Liquidation:||January 24, 2018|
|Policy Cancellation Date:||February 23, 2018|
|Claim Filing Deadline:||July 24, 2018|
Contact information for other states' guaranty funds can be found at https://ncigf.org/public/guarantyfunds.
|Type of Coverage:||Property and Casualty - Workers'' Compensation|
|State of Domicile:||Florida|
|Status of Receivership:||Liquidation|
Notice of Receivership
On January 24, 2018, Insurance Company of the Americas ("ICA") consented to and was placed into liquidation by the Second Judicial Circuit Court (“the Court”) in and for Leon County, Florida. The Florida Department of Financial Services, Division of Rehabilitation and Liquidation, is the court-appointed Receiver of ICA.
On January 24, 2018, Insurance Company of the Americas (“ICA”) was ordered into receivership for the purposes of liquidation by the Second Judicial Circuit Court in Leon County, Florida. The Florida Department of Financial Services (“Department”) is the court appointed Receiver of Insurance Company of the Americas.
ICA was licensed in Florida in 1976 as a domestic insurer. ICA was a workers’ compensation insurance company located in Lake Mary, Florida, but operated primarily out of Arizona.
Prior to being placed into receivership, ICA had ceased writing new or renewal business as of April 2008, and had been servicing claims under previously written policies. Fewer than 12 claims are reported to be open at the time of liquidation.
Proof of Claim Forms have been mailed. As required by applicable laws (section 631.181, Florida Statutes) and liquidation orders, a Proof of Claim Form is used to file a claim in a receivership proceeding. In order to be considered timely-filed, the completed Proof of Claim Form and IRS W-9 forms for the estate had to be postmarked by July 24, 2018.
On September 19, 2018, the Department mailed (3) three Notices of Determination to claimants advising them of the results of the Department’s evaluation of their claim and the process for filing an objection, if any, to the evaluation results. The court ordered deadline for filing an objection is October 31, 2018. The Department has evaluated Class 1 claims (the approved operating expenses of a guaranty fund) and Class 2 claims (loss claims covered by the policy) submitted in the estate.
If you received a Notice of Determination, you may find the following information helpful. The recommended dollar value of your claim is provided on the notice on the line reading “Amount Recommended Claimant.” The Department ’s evaluation of the “Class” or “Priority” of your claim is defined by section 631.271, Florida Statutes, and will determine your participation in any distribution we are able to pay. Please be advised that the assets in the receivership are not sufficient to fund a distribution payment to all claimants. In fact, the Department does not anticipate a distribution to any claimants beyond Class 2. Therefore, no claims in Class 3 through Class 11 were evaluated for a dollar amount and those claims will not show an amount on the line reading “Amount Recommended Claimant".
At this time, the Department continues to pursue and collect additional assets to maximize the monies for distribution to Class 1 and Class 2 claimants. Please understand that the estate complexities do not permit us to provide a clear expectation of when a distribution will be possible. If you have a class 1 or class 2 claim with a recommended amount, and it is necessary to update the name and/or address due to a change in your circumstances, please click here for the appropriate forms and instructions.