GUARANTEE INSURANCE COMPANY


    Company Information

  • Company Demographic Information
    Name of Company:
    GUARANTEE INSURANCE COMPANY
    Case Number:2017 CA 2421
    Guaranty Association:
    Florida Workers Compensation Insurance Guaranty Association(FWCIGA) and 31 others
    Type of Coverage:
    Property and Casualty
    State of Domicile:
    Florida
    Status of Receivership:
    Liquidation
    Important Receivership Dates
    Date of Rehabilitation:
    N/A
    Date of Liquidation:
    November 27, 2017
    Policy Cancellation Date:December 27, 2017
    Claims Filing Deadline:
    November 27, 2018
    Objection Deadline:
    February 19, 2019


  • Notice of Receivership

    ​On November 27, 2017, Guarantee Insurance Company ("GIC") 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 GIC.


  • Background Information

    GIC, a Florida corporation licensed in 1977, is headquartered in Fort Lauderdale, Florida. The company writes Workers' Compensation in Florida and other states. GIC was licensed in forty states and the District of Columbia, and wrote business in thirty-one states and the District of Columbia at the time of liquidation.

    The states other than Florida where GIC had in-force polices at the time of liquidation are Alabama, Arkansas, Colorado, Delaware, the District of Columbia, Georgia, Idaho, Indiana, Kentucky, Louisiana, Maine, Maryland, Michigan, Mississippi, Missouri, Montana, Nebraska, Nevada, New Jersey, New Mexico, New York, North Carolina, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Virginia, and West Virginia.

    GIC had approximately 8,600 active policies as of November 13, 2017, including 1,250 in Florida.  Under the liquidation order, all GIC policies are cancelled effective on December 27, 2017, unless otherwise terminated prior to that date.


  • Notices of Determination:

    Notices of Determination for the Fourth Interim Claims Report:
    On June 11, 2021 the Department mailed 32 Notices of Determination (NODs) to 14 Guaranty Associations with Class 1 claims and 18 non-Guaranty Association claimants with Class 2, 3, and 8 claims. The NODs were sent via the US Postal Service. These NODs inform the claimants of the Departments recommendation concerning the amount recommended and classification of their filed claim. The process by which an objection to class or amount may be filed is described in the NOD. The Objection Filing Deadline was Monday, July 26, 2021.

    All objections were due on or before July 26, 2021 and filed in writing to both the Department and to the Clerk of the Court. Objections received after the deadline will not be considered. It is recommended that objections be sent by certified mail, return receipt requested.


    Notices of Determination for the Third Interim Claims Report:
    On January 6, 2021 the Department mailed 12,636 Notices of Determination (NODs) to claimants with Class 2 - Class 11 claims. The NODs were sent via the US Postal Service. These NODs inform the claimants of the Departments recommendation concerning the amount recommended and classification of their filed claim. The process by which an objection to class or amount may be filed is described in the NOD. The Objection Filing Deadline was Monday, March 1, 2021.

    All objections were due on or before March 1, 2021 and filed in writing to both the Department and to the Clerk of the Court. Objections received after the deadline will not be considered. It is recommended that objections be sent by certified mail, return receipt requested.


    Notices of Determination for the Second Interim Claims Report:
    On February 12, 2020, the Department mailed 4155 Notices of Determination (NODs) via US postal mail to claimants with Class 3 claims from Georgia, New Jersey & Pennsylvania informing them of the Department's recommendations concerning the amount recommended and classification of their filed claim.

    The objection filing deadline was March 27, 2020. All objections must be filed in writing to both the Division and to the Clerk of Court. All objections were due on or before the deadline date. Objections received after the deadline will not be considered. It is recommended that objections be sent by certified mail, return receipt requested.
    Class 3 claims are claims for premium refunds due to the policyholders​. The Department automatically filed claims on the policyholder's behalf once an audit of the premium had been conducted.


    Notices of Determination for the First Interim Claims Report:
    On December 21, 2018, the Department sent 454 Notices of Determination (NODs) via US postal mail to claimants with Class 2 claims informing them of the Department's recommendations concerning the amount recommended and classification of their filed claim.

    The objection filing deadline was February 19, 2019. All objections must be filed in writing to both the Division and to the Clerk of Court. All objections were due on or before the deadline date. Objections received after the deadline will not be considered. It is recommended that objections be sent by certified mail, return receipt requested.



  • Frequently Asked Questions

  • Is my insurance policy still in force?

    ​No. All insurance policies issued by GIC were cancelled as of December 27, 2017, as stated in the Liquidation Order.​


  • If I have already filed a workers’ compensation claim with GIC will the Liquidation affect the status of my claim?

    ​No. The guaranty associations of the states where GIC wrote business have been activated to help pay outstanding claims for workers' compensation policies. Any questions regarding the status of your claims should be directed to your state's guaranty association. Contact information for each state guaranty association can be found at: Alphabetical listing of state guaranty associations and contact information


  • How do I report a new workers’ compensation claim?

    ​Please report all new claims to your state guaranty association. Contact information for each guaranty association can be found at:
    Alphabetical listing of state guaranty associations and contact information


  • How do I obtain medical authorizations?

    ​For medical authorizations on claims, please contact your state's guaranty association. Contact information for each state guaranty association can be found at: Alphabetical listing of state guaranty associations and contact information


  • Where should medical providers submit unpaid medical bills?

    ​Providers should submit unpaid medical bills to their state guaranty association. Contact information for each guaranty association can be found at: Alphabetical listing of state guaranty associations and contact information


  • Do I need to submit a proof of claim form to the Department in order to have a state guaranty association make payments on my loss claim?

    ​No. The state guaranty associations will have access to the company claim files and will review your claim to determine if it is a covered claim on which payments may be due. If you are not certain that your claim is covered in full by a guaranty association, you must submit a proof of claim form to the Department.


  • Do I need to submit a proof of claim form to the Department in order to have my invoices for claim related expenses paid?

    ​Yes. If you have unpaid invoices for services related to specific claim files (IME, copy charges, legal defense fees, damage estimation, appraisers, adjusting etc.) your claim is considered a General Creditor, Class 6 claim. A guaranty association does not usually cover these. There may be insufficient assets to pay these types of claims, however, you must file a Receiver's proof of claim form to have your claims considered. These types of claims are most often considered Master Claims as they involve more than one invoice. See the instructions for filing a master proof of claim here: Master Claim Instructions.


  • When is the Department sending out Proof of Claim forms?

    ​The Department mailed 16,820 Proof of Claim forms on February 22, 2018 to policyholders and injured workers associated with open claims, employees, general creditors, premium finance companies and various government agencies. Additional mailings took place on March 7, 2018 and March 26, 2018 for a total of 515 items mailed.   On May 16, 2018, the Department mailed 898 Proof of Claim forms to Agents. 


  • Why did I receive a proof of claim form?

    ​If you have received a proof of claim form, you have been identified as a potential claimant in the estate of GIC.  Receiving a proof of claim form does not mean that you do have a claim in the GIC estate, only that you were listed in the company records and could potentially have a claim.  Potential claimants can include loss claimants, policyholders, general creditors, agents, claims vendors etc.


  • I am an employer/policyholder with an open claim(s) or an injured claimant. Why did I receive a proof of claim form if a guaranty association is handling the claim?

    ​All policyholders and injured claimants on open claims were noticed.  In most cases, the claims are covered by the guaranty association in full.  If you are not certain that your claim is covered in full by a guaranty association, you must submit a proof of claim form to the Department.


  • I am a policyholder. Do I need to submit a proof of claim form to the Department in order to have my Return Premium claim processed?

    ​No. These claims may or may not be covered by the applicable state guaranty association. The Court approved an Order on May 15, 2018 where the Department will not require Proof of Claim forms from policyholders who have a potential return premium claim in the estate of GIC. Potential claims include the return premium claims of policyholder claimants who had a policy in force on the date of liquidation and all other return premium claims who the department calculates are due return premium. Policyholders do no need to anything to file a timely claim for return premium or to have their claim accepted by the Department.


  • I am a policyholder. Do I need to submit a proof of claim form to the Department in order to have my loss fund balance reimbursed?

    ​Yes. There may be insufficient assets to pay these types of claims, however, you must file a Receiver's proof of claim form to have your claims considered. The Receiver is gathering the information necessary to send proof of claim forms to the large deductible policyholders for their potential loss fund claim. If you have not received a proof of claim form by April 30, 2018, and you would like us to send you one, please contact the Receiver by using our "Contact Us" form. Alternatively, you may contact the Receiver at #850-413-3081 (toll-free to Florida Residents by calling #800-882-3054).


  • How do I obtain a proof of claim form?

    ​If you have not received a proof of claim form and you would like us to send you one, please contact the Receiver by using our "Contact Us" form. Alternatively, you may contact the Receiver at #850-413-3081 (toll-free to Florida Residents by calling #800-882-3054).


  • I am a Florida insured and I have a Florida contract with a premium finance company (“PFC”). Is the (“PFC”) supposed to cease demands for payment from the insured?

    ​Premium financing of an insurance policy is a contract between the insured and the PFC and the Department has no authority to intervene.


  • I received a letter from Patriot Audit Services (or CTS Audit Services), what does this mean to me?

    Letters dated 02/07/2018, from CTS Audit Services, LLC, were sent to former GIC policyholders that will be required to have an audit. The audit process is in its initial stages. There are 8,000+ former GIC policyholders that require final audits to determine to what extent a refund is due. As such, we are unable at this time to provide a timeframe on when the audits will be completed, rated and when refunds will be referred to the applicable guaranty fund. The only thing that can be done is to cooperate with the auditor when that time comes. If the audit comes back as a return premium, the claim will automatically be referred to the guaranty fund of your state.

    All questions and concerns regarding the audit should be directed to CTS Audit Services, LLC (who is performing the audit). CTS Audit Services, LLC. phone number is (484)567-0293, their Fax Number is (954)206-0157 and their email is MailAudit@ctsholdings.com.

    Questions about the GIC Receivership can be directed to Consumer Services at (850)413-3089 or Consumer.Services@myfloridacfo.com


  • My audit was completed and I have return premium due. How do I get my money back?

    ​The Department is in the process of gathering that information and will forward the data to the guaranty associations in the applicable states. Payment of covered claims will be based on the laws governing the individual state guaranty association. Although most guaranty associations cover unearned premium claims, some do not. Most have a limit on the amount that will be paid and may require that the policy be in effect on the date of liquidation. In some states where the returned premium claim is based on a premium audit or retrospective rating it may not be covered at all. Additionally, net worth limitations in many guaranty association statutes may preclude the payment of unearned premium claims to certain high net worth insureds. Some additional information by state is available at the web site of the NCIGF: http://www.ncigf.org/industry.


  • I have a claim for return of unearned premium for my Workers’ Compensation policy. What do I do?

    ​The process of returning unearned premium on a workers' compensation policy involves completing a premium audit to determine the true amount of unearned premium on the policy and will not occur immediately. Claims for return of unearned premium on policies may or may not be covered by the appropriate state guaranty association.

    Please note: The Georgia Insurers Insolvency Pool does not provide coverage for workers' compensation unearned premium claims. Policyholders with questions regarding their claim should call the Georgia Insurers Insolvency Pool at (770) 621-9835. 


  • How long will the return premium process take?

    ​The Department doesn't know at this time; however, we will update our FAQs as more information becomes available.


  • Are claims for return premium on policies that were not in force as of the liquidation date covered by the applicable state guaranty association?

    ​These claims may not be covered by the applicable state guaranty association, but may be a claim in the GIC receivership.


  • Why did I receive a Notice of Determination?

    Pursuant to section 631.182(1), Florida Statutes, claimants are entitled to receive a notice of the Department's recommendation on their claims as well as a deadline for filing an objection to the evaluation of the claim. 

    If you have received a Notice of Determination, you have a filed claim in the estate of Guarantee Insurance Company. The Notice of Determination includes the Department's recommendation concerning the amount recommended and classification of a claim that was filed by you or someone on your behalf.  If you agree with the amount recommended and the assigned class no further action on your part is needed.  If you object to the amount recommended and/or the assigned class follow the directions on the Notice of Determination regarding filing a written objection.  Please read your NOD to find the objection deadline.

    ​If you have additional questions regarding the NOD, please contact the Department by calling (850) 413-3081 or toll free at 1-800-882-3054.  
     


  • How are claims paid in a receivership?

    ​The payment of claims in a receivership is defined by Florida Statutes, Chapter 631. Please be advised that the only assets that are available for distribution are the assets of the company.


  • When is the claim filing deadline?

    ​In order for a claim against the estate of GIC to be considered timely-filed, completed proof of claim forms must be submitted and postmarked by November 27, 2018.


  • Can I file a proof of claim form in the GIC estate after the filing deadline? Will it be considered late-filed?

    Yes, you may file a proof of claim. However, any proof of claim form postmarked after November 27, 2018 will be processed as late-filed.


  • I filed a lawsuit against GIC prior to their entry into liquidation. Why can't the lawsuit progress?

    ​Pursuant to the Liquidation Order and to Section 631.041(1), Florida Statutes, there is an automatic stay in place prohibiting judicial and administrative proceedings against the company.


  • Who do I call for non-claims related questions?

    ​If you have any non-claims related questions regarding the receivership, please contact the Department at Consumer.Services@myfloridacfo.com or by calling (850) 413-3081 or toll free at 1-800-882-3054.


  • I'm trying to file a lawsuit against GIC but the process server is not being allowed to perfect service of the complaint. Why?

    ​Pursuant to the Liquidation Order and to Section 631.041(1), Florida Statutes, there is an automatic stay in place prohibiting judicial and administrative proceedings against the company.


  • When will agents receive an Agent Notice?

    ​Agent Notices were sent on November 28, 2017. Copies of the Notices are available in the Related Documents section of the Department's website.


  • What is the Agent’s responsibility to the policyholders?

    ​Section 631.341(2), Florida Statutes requires that agents to provide written notice of the receivership by registered or certified mail, or by email with delivery receipt required, to the last known address of any policyholder a written notice of the insurer's insolvency before the court-ordered cancellation date of the policies, which was December 27, 2017.


  • Will earned commission claims be paid by the Guaranty Association?

    ​No. Typically, agents' earned commission claims are general creditor claims and are not covered by the applicable guaranty association, but may be filed as claims in the receivership. There may not be sufficient assets to pay this priority of claims; however, agents must file a proof of claim form to have their claims considered.


  • How do agents obtain loss runs?

    ​If you need loss runs please contact the Department using the "Contact Us" form or by calling (850) 413-3081 or toll free at 1-800-882-3054. Note: Current loss-run data is as-of the policy cancellation date of December 27, 2017.


  • I am an Agent who owes unearned commission. Where should I send the payment?

    Payments made prior to October 12, 2021 should be sent to the following address: 
    Division of Rehabilitation & Liquidation
    P.O. Box 865694
    Orlando, FL 32886-5694 
    Effective October 12, 2021 payments should be sent to the following address: 
    For Standard Payments Only:
    State of Florida 
    Division of Rehabilitation & Liquidation
    P.O. Box 946694
    Atlanta, GA 30394-6694 

    For Express Payments Only:
    Lockbox Services - #0865694
    State of Florida
    Division of Rehabilitation & Liquidation
    3585 Atlanta Ave.
    Hapeville, GA 30354​



  • Claims Information

  • Court Ordered Claims Filing Bar Date Established

    ​The Court has approved an Order setting a claims bar date for non-insurance policy related claims.  All non-Insurance policy related claims in the Guarantee Insurance Company receivership must be filed no later than December 31, 2020, or they shall be forever barred.  See Related Documents to review Motion and Order.


  • How do I file a claim against the estate of GIC?

    ​The Receiver's claim filing deadline is November 27, 2018.

    In order for a claim against the estate of GIC to be considered timely-filed, completed proof of claim forms must be submitted and postmarked by November 27, 2018.


  • How do I obtain a proof of claim form?

    ​If you would like a proof of claim form, please contact the Receiver by using our "Contact Us" form. Alternatively, you may contact the Receiver at #850-413-3081 (toll-free to Florida Residents by calling #800-882-3054).


  • Can I file a proof of claim form in the GIC estate after the filing deadline? Will it be considered late-filed?

    ​Yes, you may file a proof of claim. However, any proof of claim form postmarked after November 27, 2018 will be processed as late-filed.

    Claims Bar Date Set for Non-Insurance Policy Related Claims:

    No new non-policy related claims will be accepted by the Receiver effective December 31, 2020.  The Court has approved an Order setting the claims bar date, for non-insurance policy related claims.  See Related Documents to review Motion and Order.


  • Do I need to submit a proof of claim form to the Department in order to have a state guaranty association make payments on my loss claim?

    ​No. The state guaranty associations has access to the company claim files and will review your claim to determine if it is a covered claim on which payments may be due. If you are not certain that your claim is covered by a guaranty association and/or you wish to make a claim directly against the GIC receivership estate, you must submit a proof of claim form to the Department.


  • When is the Department sending out Proof of Claim forms?

    ​The Department mailed 16,820 Proof of Claim forms on February 22, 2018 to policyholders, injured workers, employees, general creditors, premium finance companies and various government agencies. A second mailing will occur in March. The claim filing deadline is November 27, 2018. 


  • Claim Evaluation Codes

    Claim Evaluation codes can be found on the Division website.



  • Financial Statements

  • The following documents are provided as Adobe Acrobat PDF files and are best viewed using the free Adobe Acrobat reader software.

    DateTitleSize
    06/30/2021Financial Statement460K
    03/31/2021Financial Statement456K
    12/31/2020Financial Statement954K
    09/30/2020Financial Statement 962K
    06/30/2020Financial Statement255K
    03/31/2020Financial Statement226K
    12/31/2019Financial Statement497K
    09/30/2019Financial Statement523K
    06/30/2019Financial Statement3,450K
    03/31/2019Financial Statement507K
    12/31/2018Financial Statement513K
    09/30/2018Financial Statement522K
    06/30/2018Financial Statement288K
    03/31/2018Financial Statement1,088K
    06/30/2017NAIC Quarterly Statement1,398K
    12/31/2016NAIC Annual Statement - Key Pages (Amended)1,759K

     



  • The following documents are provided as Adobe Acrobat PDF files best viewed using the free Adobe Acrobat reader software.

    Court Documents

    DateTitleSize
    12/23/2020Order Setting Bar Date for Non-Insurance Policy Related Claims261K
    12/18/2020Department's Motion for Order Setting Bar Date for Non-Insurance Policy Related Claims166K
    12/14/2020Order Approving Department's Motion for Approval of Third Interim Claims Report and Recommendation on Claims574K
    12/10/2020Department's Motion for Approval of Third Interim Claims Report and Recommendation on Claims1,252K
    01/28/2020Order Approving Second Interim Claims Report and Recommendation on Claims794K
    01/27/2020Motion to Approve Second Interim Claims Report 302K
    09/07/2018Order Extending Claims Filing Deadline297K
    05/15/2018Order Approving Procedure of Deeming Return Premium Claims as Timely Filed599K
    05/11/2018Motion for Order Approving Procedure of Deeming Return Premium Claims as Timely Filed409K
    02/06/2018Order clarifying policy cancellation date of December 27, 2017147K
    11/27/2017Consent Order Appointing the Florida Department of Financial Services as Receiver of Guarantee Insurance Company for Purposes of Liquidation, Injunction, and Notice of Automatic Stay7,311K
    11/21/2017Petition For Consent Order Appointing the Department of Financial Services as Receiver of Guarantee Insurance Company for Purposes of Liquidation, Injunction, and Notice of Automatic Stay12,468K

     

    Notices

    DateTitleSize
    06/11/2021Notice of Determination for Fourth Interim Claims Report101K
    02/11/2020Notice of Determination for Second Interim Claims Report95K
    06/25/2019Medicare Secondary Payer (MSP) Claimant Cover Letter with Affidavit231K
    02/26/2018Patriot Audit Services- DFS Authorization Letter39K
    12/09/2017Notice to Attorneys3,812K
    12/05/2017Notice to Policyholders Concerning Liquidation (Spanish Version)21K
    12/01/2017Notice to Policyholders Concerning Liquidation46K
    11/28/2017Notice to Agents Concerning Liquidation (Spanish Version)21K
    11/28/2017Notice to Agents Concerning Liquidation52K

     

    Other

    DateTitleSize
    03/20/2018Guarantee Fund Contact List - GIC100K
    12/05/2017Bank Fee Reimbursement Form120K