|Name of Company:||Aries Insurance Company|
|date of rehabilitation:||May 9, 2002|
|Date of Liquidation:||November 14, 2002|
|Policy Cancellation Date:||December 14, 2002|
|Claim Filing Deadline:||November 14, 2003|
|Guaranty Association:||Florida Insurance Guaranty Association (you are leaving the DFS website and opening a new browser window) (FIGA)
Florida Workers' Compensation Insurance Guaranty Association (you are leaving the DFS website and opening a new browser window) (FWCIGA)
|Type of Coverage:||Property and Casualty|
|State of Domicile:||Florida|
|Status of Receivership:||Liquidation|
Notice of Receivership
On November 14, 2002, Aries Insurance Company ("Aries ") 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 Aries.
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 Aries Receivership estate had to be postmarked by Friday, November 14, 2003.
Claims that were pending at the time Aries was ordered into Liquidation which would be qualified as “Covered Claims” according to section 631.54, Florida Statutes, were handled separately by the Florida Insurance Guaranty Association (“FIGA”). Please see the section above for links to the appropriate guaranty association for more information on those claims. Claims against Aries Insurance Company which were not covered by the guaranty association should be filed in the receivership proceeding using a Proof of Claim Form.
On August 9, 2012, the Department mailed 14,955 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 was September 24, 2012. 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 Aries 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 of Aries 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 complexities of this litigation 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.
On August 14, 2017, the Department mailed 2394 distribution checks totaling $70,638 to Class 1 and 2 claimants. In total, the Department distributed $2,951,362 representing 100% of the Class 1 and 13.96% of the Class 2 claims in the Aries estate. The Department does not anticipate any further distributions in this estate. Claimants receiving payment should pay close attention to the Notice Regarding Time Sensitive Distribution Checks.