On October 10, 2011, National Group Insurance Company ("NGIC") ordered into receivership for purposes of liquidation following a hearing by the Second Judicial Circuit Court in Leon County, Florida. The Florida Department of Financial Services is the court appointed Receiver of NGIC.
NGIC, a Florida corporation licensed in 2004, is headquartered in Coral Gables, Florida. The company primarily wrote commercial auto and commercial property insurance policies in Florida. NGIC stopped writing new and renewal insurance coverage on or about June 24, 2011. NGIC had approximately 7,600 policies in force as of the liquidation date. The company was licensed in the states of Florida and Georgia.
POLICY ISSUES: Under the liquidation order, all NGIC policies are cancelled effective 12:01 a.m. EST on November 9, 2011, unless otherwise terminated prior to that date. Upon liquidation, property and casualty insurance policies are covered by the Florida Insurance Guaranty Association for a period of no more than 30 days and subject to the limits provided by Florida Statute. See below for further details.
PREMIUM ISSUES: The Florida Insurance Guaranty Association ("FIGA") will pay claims for premium refunds/unearned premium after the Receiver completes its processing of the policy records and sends the unearned premium records to FIGA. A $100 statutory deductible will be taken from the amount owed. If the premium refund due is $100 or less, a refund will not be processed by or on behalf of FIGA. A policyholder may have a claim in the NGIC liquidation proceeding for the $100 deductible or the gross refund less than $100. The Receiver will update its website, www.myfloridacfo.com/Division/Receiver, with details regarding the processing and payment of the premium refunds as this information becomes available.
CLAIMS ISSUES (FOR LOSSES INCURRED PRIOR TO 12:01 A.M. EST ON NOVEMBER 9, 2011):
Claims Filing Deadline: Under the liquidation order, the deadline for filing claims in the NGIC receivership is 11:59:59 p.m. EST on October 10, 2012. Information regarding the method for filing claims in the liquidation proceeding will be available on the Receiver’s website in the near future. Per Section 631.68, Florida Statutes, the deadline for settling a claim or filing suit against FIGA will be October 10, 2013 (i.e., one year after the Receiver’s claims filing deadline).
For Property and Casualty Claims of Florida Policyholders: With the entry of the liquidation order, the Florida Insurance Guaranty Association (“FIGA”) will be activated to help pay outstanding claims for property and casualty policies. The processing and payment of pending covered claims will be made by FIGA (subject to the lesser of policy limits or FIGA’s maximum cap). The maximum amount FIGA will cover is $300,000. No claim will be paid in excess of this cap. All claims are subject to a $100 deductible over and above any deductible identified in the NGIC policy. A policyholder may file a claim in the NGIC receivership for the $100 deductible and for amounts over the cap. The Receiver will provide instructions for filing a claim in the liquidation proceeding. For additional general information regarding FIGA, please visit the guaranty association's website at www.figafacts.com.
Consumers with questions regarding NGIC should be directed to the contact numbers provided below.
Filing a New Claim: Call FIGA at 1-800-988-1450 (toll-free). Hours of operation are Monday - Friday from 8:00 A.M. - 5:00 P.M. Eastern Time.
Checking the status of a Pending Claim: Call FIGA at 1-800-988-1450 (toll-free). Hours of operation are Monday – Friday from 8:00 A.M. – 5:00 P.M. Eastern Time.
For any other questions, consumers are asked to contact the Receiver by using the "Contact Us" form at the Receiver's website, 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 court documents and other relevant information are available on the Receiver’s website, www.myfloridacfo.com/Division/Receiver.