|Name of Company:||Florida Preferred Property Insurance Company|
|Date of Liquidation:||June 1, 2006|
|Policy Cancellation Date:||July 1, 2006|
|Claims Filing Deadline:||June 1, 2007|
|Type of Coverage:||Property and Casualty|
|State of Domicile:||Florida|
|Status of Receivership:||Department is Discharged as reciever effective February 28, 2018. The estate is closed.|
Effective June 1, 2006, the Second Judicial Circuit Court in Leon County, Florida, entered orders placing Atlantic Preferred Insurance Company, Florida Preferred Property Insurance Company, and Southern Family Insurance Company in receivership for purposes of liquidation. These companies were members of the Poe Financial Group and are referred to together as the “Poe Insurers.” The Florida Department of Financial Services is the court-appointed Receiver of the Poe Insurers. In liquidation, the Florida Insurance Guaranty Association was activated to help pay outstanding claims of the Poe Insurers.
Florida Preferred Property was a Florida corporation that was formed in 2002 and was headquartered in Tampa, Florida. The company was authorized to transact business in the state of Florida as a domestic property and casualty insurer. Florida Preferred Property wrote homeowners multi-peril, allied lines, and fire insurance coverage. In May 2006, Florida Preferred Property reported an impaired financial condition on its quarterly financial statement as of March 31, 2006. As of June 1, 2006, Florida Preferred Property had approximately 144,000 policies in force.
In conjunction with the Office of Insurance Regulation, the Florida Insurance Guaranty Association, and Citizens Property Insurance Corporation, the Department developed a plan to provide for an orderly transition of eligible policyholders from the Poe Insurers to other insurers or to Citizens while continuing to serve the interests of the Poe Insurers’ creditors and the public. This plan was submitted to and approved by the Court on June 2, 2006. Under the Liquidation Plan, eligible policyholders were automatically transitioned to Citizens Property Insurance Corporation effective July 1, 2006 without the need for a new application or additional underwriting review. A copy of the Liquidation Plan is available here. A summary of the Liquidation Plan is available here.
On 9/11/2012, the Department mailed Notices of Determination to all known claimants. All classes were evaluated and the amount recommended along with the class assignment are identified in the notice. The Objection Filing Deadline was October 26, 2012. Objections were not accepted after that date.
On 9/15/2017 the Receiver mailed claim distribution checks. A total of 4,801 checks were mailed with 311 others suspended for no better address and/or W9 issues. The distribution, totaling $3,390,350.28, along with the previous $222,350,880 distrbuted to FIGA as early access, represented 100% payment of the total Class 1 and 2 claims and & 7.85% of the total Class 3 claims. The Department does not anticipate any furhter distributions for this estate.
.In addition to the checks, a Notice was sent as an insert advising the claimant that the check is time sensitive and is only valid for the period specified on the front of the check. The Notice instructs the claimant to deposit the check as soon as possible. Claimants receiving payment should pay close attention to the Notice Regarding Time Sensitive Distribution Checks.
By Court Order of February 13, 2018, the Estate is closed and the Department is Discharged of its duties as Receiver effective on February 28, 2018 at 11:59PM.