Notice of Rehabilitation and Subsequent Liquidation of Northern Capital Insurance Company
On April 12, 2010, Northern Capital Insurance Company (“NCIC”)
was ordered into receivership for purposes of rehabilitation by the
Second Judicial Circuit Court in Leon County, Florida. The Florida
Department of Financial Services is the court appointed Receiver of
NCIC. The company admitted that it is insolvent and consented to the
receivership. At the same time the Court entered the rehabilitation
order, the Court also entered an order liquidating NCIC effective
May 1, 2010. The Department requested the combination of the
rehabilitation, followed directly by the effective May 1, 2010
liquidation of NCIC, primarily in order to allow the Department
additional time to assist NCIC’s policyholders in their efforts to
obtain replacement property and casualty insurance coverage prior to
the beginning of the 2010 hurricane season.
Company Demographic Information:
Northern
Capital, a Florida corporation licensed in 2006, is headquartered in
Miami, Florida. The company was authorized to transact business in
the state of Florida as a domestic property and casualty insurer.
Northern Capital wrote homeowner’s multi-peril, inland marine and
commercial automobile insurance coverage in Florida.
A subsidiary of Northern Capital, Landmark One Insurance Company
changed its name to Northern Capital Select Insurance Company
effective April 27, 2009. On December 31, 2009, Northern Capital
Select Insurance Company merged with Northern Capital Insurance
Company, with Northern Capital Insurance Company as the surviving
entity. Therefore, policies written through all three companies are
now insured under the same company name, Northern Capital Insurance
Company.
INFORMATION REGARDING POLICY AND CLAIMS ISSUES DURING REHABILITATION:
NCIC is not writing new policies. The company’s existing
policies are not cancelled by the rehabilitation order and will
continue in the ordinary course of business until the effective May
1, 2010 liquidation of the company. (PLEASE NOTE, HOWEVER, THAT THE
LIQUIDATION ORDER WILL CANCEL POLICIES EFFECTIVE 11:59:59 P.M. ON
MAY 30, 2010, UNLESS OTHERWISE TERMINATED PRIOR TO THAT DATE).
During rehabilitation, the Receiver will continue to process and pay
claims in the ordinary course of business to the extent possible.
Additional information regarding these issues will be available on
the Receiver’s web site,
www.myfloridacfo.com/Division/Receiver, within the next few days.
Until further notice, all questions relating to current NCIC policy and
claims issues should be directed to NCIC’s customer service
department at 1-888-449-0140.
CONTACTING THE RECEIVER:
For non-claims related questions regarding the receivership, consumers are asked to contact the Receiver by using the “Contact Us” form at the Receiver’s web site, www.myfloridacfo.com/Division/Receiver or call the Florida Department of Financial Services, as Receiver, at 1-800-882-3054 or (850) 413-3081. Copies of the April 12, 2010 Rehabilitation Order and the effective May 1, 2010 Liquidation Order for NCIC and other relevant information is available on the Receiver’s web site, www.myfloridacfo.com/Division/Receiver.
