|Company Demographic Information|
|Name of Company:||AMERICAN CAPITAL ASSURANCE CORPORATION|
|Case Number:||2021 CA 0641|
|Guaranty Association:||Florida Insurance Guaranty Association(FIGA), Georgia, Louisiana, North Carolina, South Carolina, Texas|
|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:||April 14, 2021|
|Policy Cancellation Date:||May 14, 2021|
|Claims Filing Deadline:||April 14, 2022|
|Objection Deadline:||See Below|
On April 14, 2021, American Capital Assurance Corporation ("AmCap") 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 AmCap.
AmCap was a property and casualty insurance company located in St. Petersburg, Florida. The company was licensed in Florida in 2011, and authorized to write homeowners multiple peril, commercial multiple peril, inland marine, allied lines, fire, and other liability coverage in Florida, Georgia, Louisiana, North Carolina, South Carolina and Texas. The company had approximately 2,300 in-force policies at the time of receivership.
On July 28, 2021, the Department mailed 1,005 Proof of Claim forms (POCs) via the U.S. Postal Service. The deadline for filing a POC is April 14, 2022.
Under the Receivership Order, all insurance policies issued by AmCap in effect at the time of the issuance of the Order are cancelled effective 12:01 a.m. on Friday, May 14, 2021, except for Flood Insurance policies. Policies with normal expiration dates prior to Friday, May 14, 2021, or policies which are terminated by the insured or policies cancelled for non-payment of premium, shall stand cancelled as of the earlier date.
Yes. Your agent is best able to advise you as to your insurance options. To assist your agent and you in this process, we have notified your agent directly of the cancellation of your policy.
The AmCap flood book of business transitioned to the NFIP Direct for handling. You may contact the NFIP Direct by telephone at (800) 638-6620 with any policy or claims related inquiries.
You received a Notice because your name appears as a policyholder on the records of AmCap. The Notice was sent to all known policyholders informing them of the receivership. See the Notices section of the Related Documents displayed in the website.
You received a Notice because our records indicate that you were an agent of AmCap. The Notice was sent to all known agents of record informing them of the receivership. See the Notices section of the Related Documents displayed in the website.
A Guaranty Association ("GA") is a nonprofit corporation statutorily created to provide a mechanism for the payment of claims and unearned premium when an insurance company is ordered liquidated. For more information please visit The National Conference of Insurance Guaranty Funds NCGIF website
Premium refunds will be sent directly to policyholders.
It is your responsibility to notify the Receiver, in writing, if there is a change in your name or mailing address. "File a Name and/or Address Change" form and instructions are available for download.
When you are corresponding with the Receiver, be sure to reference the Company Name and your policy number and/or claim number which will allow the Receiver to associate your request with the correct Receivership.
Pursuant to the Receivership Order and to Section 631.041(1), Florida Statutes, there is an automatic stay in place prohibiting judicial and administrative proceedings against the company.
Your state’s Guaranty Association has been activated to help pay outstanding claims for AmCap policies. The Guaranty Association will take over the processing and payment of pending covered claims. See listing above.
If you have received a proof of claim form, you have been identified as a potential claimant in the estate of AmCap. Receiving a proof of claim form does not mean that you do have a claim in the AmCap 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.
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.
For Standard Payments Only:
State of Florida
Division of Rehabilitation & Liquidation
P.O. Box 946694
Atlanta, GA 30394-6694For Express Payments Only:
Lockbox Services - #0865694
State of Florida
Division of Rehabilitation & Liquidation
3585 Atlanta Ave.
Hapeville, GA 30354
It is possible your return premium claim may not be covered by your guaranty fund if the refund due is in excess of the maximum amount payable per statute or if the insured has a net worth in excess of the statutory cap.
If this is the case, you will have a claim in the estate. We will deem file the return premium claims in this estate. This means policyholders are not required to submit Proof of Claim forms in order to have a timely filed return premium claim.
You may contact the Department at one of the following:
Florida Department of Financial Services,
Receiver of American Capital Assurance Corp
325 John Knox Road, Atrium Building, Suite 101
Tallahassee, FL 32303
A Proof of Claim form must be postmarked or submitted electronically by 11:59:59 p.m. on Thursday, April 14, 2022.
No. The Department will not require proof of claim forms from policyholders who have a potential return premium claim in the estate of AmCap. 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.
The deadline for filing claims in the AmCap receivership is 11:59:59 p.m. on Thursday, April 14, 2022.
Yes, you may file a proof of claim. However, any form postmarked after 11:59:59 p.m. on Thursday, April 14, 2022 will be processed as late filed.
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 AmCap receivership estate, you must submit a Proof of Claim form to the Department.
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 pre-receivership unpaid invoices. 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.
Yes. Agent's commission claims and general creditor claims are not covered by a guaranty association 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.
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.
Flood Claims only - call (888) 481-1126
Contact the guaranty association for the policy state involved.
Florida Department of Financial Services, Receiver325 John Knox Road, Atrium Building, Suite 101Tallahassee, FL 32303
The following documents are provided as Adobe Acrobat PDF files and are best viewed using the free Adobe Acrobat reader software.
|10/12/2021||Order Enlarging Time to File a Timely Claim in the Receivership||341K|
|04/14/2021||Consent Order Appointing the Florida Department of Financial Services as Receiver for Purposes of Liquidation, Injunction and Notice of Automatic Stay||6,553K|
|04/06/2021||Petition For Consent Order Appointing The Florida Department of Financial Services As Receiver of American Capital Assurance Corp. for Purposes of Liquidation, Injunction, and Notice of Automatic Stay||1,379K|
|05/11/2021||AmCap Flood Book RFP||51K|
|04/15/2021||Notice to Policyholders Concerning Liquidation (Spanish Version)||56K|
|04/15/2021||Notice to Agent or Broker Concerning Liquidation||51K|
|04/15/2021||Notice to Policyholders Concerning Liquidation||60K|
|04/15/2021||Notice to Agent or Broker Concerning Liquidation (Spanish Version)||48K|
|07/28/2021||Proof of Claim Form Sample||141K|
|06/04/2021||ACORD - Property Loss Notice||68K|