FLORIDA SPECIALTY INSURANCE COMPANY

Company Information

Company Demographic Information
Name of Company:
FLORIDA SPECIALTY INSURANCE COMPANY
Case Number:2019 CA 002328
Guaranty Association:
Florida Insurance Guaranty Association(FIGA)
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:
October 02, 2019
Policy Cancellation Date:November 01, 2019
Claims Filing Deadline:
October 02, 2020
Objection Deadline:
February 11, 2022

Notice of Receivership
On October 2, 2019, Florida Specialty Insurance Company ("FSIC") was ordered into receivership for purposes of liquidation by the Second Judicial Circuit Court in Leon County, Florida.  The Florida Department of Financial Services ("Department") is the court appointed Receiver of FSIC. 

FSIC was a property and casualty insurance company located in Sarasota, Florida.  The company was licensed in Florida in 1997, and wrote personal property insurance policies for homeowners, condos, renters, and manufactured homes.

Proof of Claim Forms

​On February 25, 2020, Proof of Claim forms (POCs) were mailed via the U.S. Postal Service.  3,260 POCs were mailed to policyholders and/or claimants that were involved in an open loss claim.  

On July 30, 2020 an additional 179 Proof of Claim forms (POCs) were mailed via the U.S. Postal Service.  

The deadline for filing a POC is October 2, 2020.  

Notices of Determination
​Notices of Determination for the First Interim Claims Report

On December 15, 2021, the Department mailed 535 Notices of Determination (NODs) via US postal mail to claimants with Class 2, 6, 8, and 11 claims.  The NODs inform the claimants of the Department's recommendation concerning the amount recommended and classification of their filed claim. 

The objection filing deadline is February 11, 2022.  The process by which an objection to class or amount may be filed is described in the NOD.  All objections must be filed in writing to both the Division and to the Clerk of Court and are 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.​

Court Ordered Claims Filing Bar Date Established

​The Court has approved an Order Establishing Bar Date for Claims.  All claims in the Florida Specialty Insurance Company receivership must be filed no later than July 1, 2022, or they shall be forever barred.  See Related Documents​ to review Motion and Order.


Frequently Asked Questions

Is my insurance policy still in force?
No.  All insurance policies issued by FSIC were cancelled as of November 1, 2019, as stated in the Amended Liquidation Order.

What do I need to do if I have an uncashed check written from a SunTrust Bank or Fifth Third Bank account?

The Florida Specialty Insurance Company's accounts at SunTrust Bank and Fifth Third Bank are closed.  Please do not attempt to negotiate any uncashed check(s), as they will be returned.  For assistance with non-cashed checks, you may contact the Department by using the Contact Us form​.  Someone from the Department will review your inquiry and contact you.  You may also contact the Department by calling (850) 413-3081 or toll free at 1-800- 882-3054.  Your inquiry will be directed to the appropriate staff member for review and handling.  

How will I get my unearned premium refund?

​The Florida Insurance Guaranty Association ("FIGA") has been activated to help pay unearned premium refunds for FSIC policyholders. 

If you elected coverage with Citizens Property Insurance Corporation ("Citizens") using the quick quote process, any unearned premium due back from FSIC, minus a $100 statutory deductible, will be sent to Citizens and applied to your new coverage amount.  You can contact Citizens at (866) 411-2742 or https://www.citizensfla.com/floridaspecialty.

If you did not elect coverage with Citizens, you will receive a check for any unearned premium, minus a $100 statutory deductible, owed to you after your policy has been cancelled.

Unearned premiums are covered by the Florida Insurance Guaranty Association.   

Unearned premium refunds for amounts over $100 have been mailed on all policies impacted by the liquidation.  There is a statutory deductible of $100 applied and any unearned premium under $100 is subject to the deductible. 

What if my gross refund is less than $100?

​If your gross unearned premium refund is less than $100 you will not initially receive a refund check. If the Receiver subsequently determines that adequate funds are available, it will process and pay the refunds that are less than $100.  

If I have a pending refund related to a rate rollback, how will I get my refund?

​Any pending refunds related to a rate rollback that resulted in an overpayment will be included in the unearned premium refund payment.

If premium was paid directly from my mortgage company to Florida Specialty Insurance Company, will the refund be returned to the mortgage company?

​Premium refunds will be sent directly to policyholders.

I have recently changed my name or mailing address and need to update the company’s records to make sure I receive any information mailed to me. What do I do?

​It is your responsibility to notify the Receiver, in writing, if you change your name or mailing address. You can download the appropriate form and instructions from the Receiver's website, www.myfloridacfo.com/division/receiver .  

When you are corresponding with the Receiver, be sure to reference your policy number and/or claim number which will allow the Receiver to associate your request with the correct receivership.

How can I get more information about my unearned premium?

For policy or premium refunds information, please call 888-723-3055.

For additional questions on unearned premium, you can call 1-800-882-3054 or (850) 413-3081.

If I have already filed a property and casualty claim with FSIC, will the liquidation affect the status of my claim?

No. The Florida Insurance Guaranty Association ("FIGA") has been activated to help pay outstanding claims for FSIC policies.  Processing and payment of pending covered claims has been taken over by FIGA. You can contact FIGA at (800) 988-1450 or https://figafacts.com/.

How do I report a new property and casualty claim?

New FSIC claims should be reported to the Florida Guaranty Association prior to July 1, 2022.  You should contact the Guaranty Association at:
Florida Insurance Guaranty Association
P O Box 14249
Tallahassee, Florida 32317
1-800-988-1450 (toll-free)
Fax 1-850-523-1888

www.figafacts.com

FIGA will process claims relating to damage to your property which are covered under your homeowners policies.  Claims are subject to a $100 statutory deductible.

​Claims Bar Date Set for Filing Claims:

The Court has approved an Order establishing a bar date for claims.  No new filed claims will be accepted by the Receiver after July 1, 2022.  See Related Documents​ to review the Motion and Order establishing the date.

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

​Pursuant to the Amended 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.

What is the Florida Insurance Guaranty Association?

​The Florida Insurance Guaranty Association ("FIGA") is a nonprofit corporation statutorily created to provide a mechanism for the payment of claims when an insurance company is ordered liquidated.

Does FIGA have limits on the covered claims they process and pay?

​The processing and payment of 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 with special limits applying to (1) damages to structure and contents on homeowners claims and (2) condominium and homeowners association claims. For damages to structure and contents on homeowners claims the FIGA cap is an additional $200,000. No claim will be paid in excess of this cap. All claims are subject to a $100 statutory deductible over and above any deductible identified in your policy. You may file a claim in the estate of the insurance company for the $100 deductible and for amounts over the cap. Some claims are covered by the guaranty association and some claims can only be filed against the estate of FSIC because they are not covered by the guaranty association.

What is a covered claim?

​A covered claim is defined by Section 631.54, Florida Statutes, and means "an unpaid claim, including one of unearned premium, which arises out of, and is within the coverage, and is not in excess of the applicable limits of an insurance policy..."

How do I file a claim with the FSIC estate?

In order for a claim against the estate of FSIC to be considered timely-filed, completed proof  of claim forms must be submitted and postmarked by October 2, 2020.

How do I obtain a Proof of Claim form?

​The Department has begun mailing Proof of Claim (POC) forms to insureds and/or claimants with an open loss claim.  The Department will be mailing additional POCs to the remaining potential claimants in the next few months.  An option for requesting a proof of claim form will be posted here soon.

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

​No. The guaranty association 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 the guaranty association and/or you wish to make a claim directly against the FSIC receivership estate, you must submit a Proof of Claim form to the Department.

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 FSIC.  Receiving a proof of claim form does not mean that you do have a claim in the FSIC 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.

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 Department'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.

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. Unearned premiums are covered by the Florida Insurance Guaranty Association.  Unearned premium refunds for amounts over $100 have been mailed on all policies impacted by the liquidation.  There is a statutory deductible of $100 applied and any unearned premium under $100 is subject to the deductible.  The Department will not require Proof of Claim forms from policyholders who have a potential return premium claim in the estate of FSIC.  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 not need to anything to file a timely claim for return premium or to have their claim accepted by the Department.

When is the deadline for filing a claim in the receivership?

​The deadline for filing claims in the FSIC receivership October 2, 2020.

How are claims paid in a receivership?

​The payment of claims in a receivership are paid in priority order as defined by Florida Statutes, Chapter 631. The only assets available for distribution are the assets of the company.

Will my commissions (Agents) or General Creditor claims be paid by the Florida Insurance Guaranty Association ("FIGA")?

​No. Agent's commission claims and general creditor claims are not covered by FIGA, but may be filed as claims in the receivership estate. There may not be sufficient assets to pay this priority of claims; however, you must file a Proof of Claim form to have your claim considered.

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​

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.


Claims Information

When is the deadline for filing a claim in the receivership?

​The deadline for filing claims in the FSIC receivership is October 2, 2020.

Can I file a proof of claim form in the FSIC 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 October 2, 2020 will be processed as late-filed.

Claims Bar Date Set for Filing Claims.  No new filed claims will be accepted by the Receiver after July 1, 2022.  The Court has approved an Order setting the claims bar date, for claims.  See Related Documents to review Motion and Order.

How do I file a claim against the estate of FSIC?
​In order for a claim against the estate of FSIC to be considered timely-filed, completed proof of claim forms must be submitted and postmarked by October 2, 2020.

When is the Department sending out proof of claim forms?

​On February 25, 2020 proof of claim forms were mailed via the U.S. Postal Service.  3,260 POCs were mailed to policyholders and/or claimants that were involved in an open loss claim.  The Department mailed an additional 179 proof of claim forms to the remaining potential claimants on July, 30, 2020.

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

​No. Unearned premiums are covered by the Florida Insurance Guaranty Association.  Unearned premium refunds for amounts over $100 have been mailed on all policies impacted by the liquidation.  There is a statutory deductible of $100 applied and any unearned premium under $100 is subject to the deductible.  The Department will not require proof of claim forms from policyholders who have a potential return premium claim in the estate of FSIC.  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 not need to do anything to file a timely claim for return premium or to have their claim accepted by the Department.

How do I obtain a proof of claim form?
If you haven't received a proof of claim form by August 15, 2020, and you would like 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).​

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

Yes, you may file a proof of claim. However, any form postmarked after October 2, 2020 will be processed as late-filed.

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 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.

Do I need to submit a proof of claim form to the Department in order to have my commissions (Agents) or General Creditor claims paid?

​Yes. Agent's commission claims and general creditor claims are not covered by FIGA, but may be filed as claims in the receivership estate. There may not be sufficient assets to pay this priority of claims; however, you must file a proof of claim form to have your claim considered.

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 FSIC.  Receiving a proof of claim form does not mean that you do have a claim in the FSIC 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

How are claims paid in a receivership?

​The payment of claims in a receivership are paid in priority order as defined by Florida Statutes, Chapter 631. The only assets available for distribution are the assets of the company.

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

No. The guaranty association 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 the guaranty association and/or you wish to make a claim directly against the FSIC receivership estate, you must submit a proof of claim form to the Department.

How do I report a new property and casualty claim?

​New FSIC claims should be reported to the Florida Guaranty Association: you should contact FIGA at:
Florida Insurance Guaranty Association
P O Box 14249
Tallahassee, Florida 32317
1-800-988-1450 (toll-free)
Fax 1-850-523-1888

www.figafacts.com

FIGA will process claims relating to damage to your property which are covered under your homeowners policies.  Claims are subject to a $100 statutory deductible.


Financial Statements

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

DateTitleSize
03/31/2022Financial Statement302K
12/31/2021Financial Statement293K
09/30/2021Financial Statement293K
06/30/2021Financial Statement 275K
03/31/2021Financial Statement289K
12/31/2020Financial Statement698K
09/30/2020Financial Statement686K
06/30/2020Financial Statement219K
03/31/2020Financial Statement184K
12/31/2019Financial Statement283K

 


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

Court Documents

DateTitleSize
03/29/2022Order Establishing Bar Date For Claims188K
03/22/2022Department's Motion to Establish Claims Bar Date327K
11/29/2021Order Approving Department's First Interim Claims Report and Recommendation on Claims590K
11/22/2021Department's Motion for Approval of First Interim Claims Report and Recommendation on Claims498K
10/04/2021Order Authorizing Disbursement of Funds to Florida Insurance Guaranty Association390K
09/30/2021Department's Application for Disbursement of Funds to Florida Insurance Guaranty Association689K
06/29/2021Order Authorizing Disbursement of Funds to Florida Insurance Guaranty Association392K
06/25/2021Department's Application for Disbursement of Funds to Florida Insurance Guaranty Association2,776K
03/04/2021Department's Application for Disbursement of Funds to Florida Insurance Guaranty Association1,414K
03/04/2021Order Authorizing Disbursement of Funds to Florida Insurance Guaranty Association397K
09/10/2020Order Authorizing Disbursement of Funds to Florida Insurance Guaranty Association443K
08/25/2020Department's Application for Disbursement of Funds to Florida Insurance Guaranty Association262K
07/21/2020Department's Application for Disbursement of Funds to Florida Insurance Guaranty Association2,626K
07/21/2020Order Authorizing Disbursement of Early Access Funds to Florida Insurance Guaranty Association1,146K
12/16/2019Agreed Order on Motion for Entry of Finding Insolvency 112K
12/06/2019Motion for Entry of Finding of Insolvency 815K
11/14/2019Order Approving Procedure of Deeming Return Premium Claims as Timely Filed47K
11/13/2019Department's Motion for Authorization Approving Procedure of Deeming Return Premium as Timely Filed37K
10/25/2019Amended Order Appointing DFS as Receiver of Florida Specialty Insurance Company for Purposes of Liquidation, Injunction, and Notice of Automatic Stay413K
10/02/2019Consent Order Appointing The Florida Department Of Financial Services As Receiver Of Florida Specialty Insurance Company For Purposes of Liquidation, Injunction, And Notice Of Automatic Stay812K
09/30/2019Petition For Consent Order Appointing The Florida Department Of Financial Services As Receiver Of Florida Specialty Insurance Company For Purposes of Liquidation, Injunction, And Notice Of Automatic Stay5,428K

 

Notices

DateTitleSize
12/15/2021Notice of Determination for First Interim Claims Report102K
10/02/2019Notice to Agents Concerning Liquidation170K
10/02/2019Notice to Policyholders (Spanish)172K
10/02/2019Notice to Policyholder Concerning Liquidation173K