|Name of Company:||Magnolia Insurance Company|
|case number:||2010 CA 1522|
|Date of Liquidation:||April 30, 2010|
|Policy Cancellation Date:||May 30, 2010|
|Claims Filing Deadline:||May 2, 2011|
|objection filing deadline||September 23, 2013|
|Date of Discharge||July 23, 2018|
|Guaranty Association:||Florida Insurance Guaranty Association (you are leaving the DFS website and opening a new browser window)|
|Type of Coverage:||Property and Casualty|
|State of Domicile:||Florida|
|Status of Receivership:||Discharged|
Notice of Receivership
On April 30, 2010, Magnolia Insurance Company (“Magnolia”) was ordered into receivership for purposes of liquidation by the Second Judicial Circuit Court in Leon County, Florida. The Florida Department of Financial Services is the court appointed Receiver of Magnolia. The company admitted that it is insolvent and consented to the receivership.
Magnolia, a Florida corporation licensed in 2008, was headquartered in Coconut Grove, Florida. The company previously wrote homeowners policies in Florida and has been in a run-off mode while in a public Administrative Supervision since December 2009. Magnolia had as many as 36,000 policies in force as of the liquidation date. The company was only licensed in the state of Florida.
On January 1, 2011, the Department mailed 8,600 Proof of Claim forms to all known claimants. The claim filing deadline was April 11, 2011.
On May 31, 2011, the Department completed the process of returning unearned premiums and closed the bank account. The Department returned unearned premiums to more than 21,000 policyholders. A total of 1,524 checks totaling $501,626.68 were not negotiated and the funds have been transmitted to Unclaimed Property.
On July 10, 2013, the court approved the First Interim Claims Report and Recommendation on Claims. On August 8, 2013, the Department mailed 28,687 Notice of Determination letters to all known claimants. Classes for which funds were available were evaluated and the adjudicated amount owed shown in the Amount Recommended Claimant field along with the Classification of the claimant. The Objection Filing Deadline was September 23, 2013.
Notice to Claimants
On November 12, 2013, the court approved the Second Interim Claims Report and Recommendation on Claims. On December 6, 2013, the court approved the Third Interim Claims Report and Recommendation on Claims. On 12/19/2013 the Department mailed 111 Notice of Determination letters for the Second and Third Interim Claims Report to all known claimants. Classes for which funds were available were evaluated and the adjudicated amount owed shown in the Amount Recommended Claimant field along with the Classification of the claimant. The objection Filing Deadline was February 3, 2014.
On March 9, 2016, the court approved the Fourth Interim Claims Report and Recommendation on Claims. On April 6, 2016, the Department mailed 2 Notice of Determination letters. Classes for which funds were available were evaluated and the adjudicated amount owed shown in the Amount Recommended Claimant field along with the Classification of the claimant. The objection Filing Deadline was May 23, 2016.
On June 22, 2016, the Florida Insurance Guaranty Association agreed to our claim recommendations and waived the standard notice period. On July 21, 2016, the court approved the Fifth Interim Claims Report and Recommendation on the Florida Insurance Guaranty Association claims.
Distribution Made to Claimants
On December 19, 2017, there were 24,959 distribution checks, totaling $981,568.50, mailed to claimants in the Magnolia estate. These checks represent 100% of the Class 1 and Class 2 claims, and 22.2960% of the Class 3 claims. There are no further distributions anticipated for this estate. Claimants receiving a distribution check have until January 26, 2018 to request a reissue, as stated in the Notice Regarding Time Sensitive Distribution Checks which accompanied their checks.
The Department was discharged of all of its responsibilities in administering the Magnolia estate and the estate was closed at 11:59 PM on July 23, 2018.
Unclaimed Property From Previous Distributions:
Pursuant to the Distribution Orders, all uncashed distribution checks were sent to the Department of Financial Services, Division of Unclaimed Property. The Division of Unclaimed Property may be reached at:
Phone: (850) 410-9253
Toll Free: 1-888-258-2253 (Florida only)
Florida Department of Financial Services
Division of Unclaimed Property
P.O. Box 1910
Tallahassee, FL 32301-1910