AMERICAN CAPITAL ASSURANCE CORPORATION
Company Information
| 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 |
Background Information
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.
Proof of Claim Forms
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.
Frequently Asked Questions
Is my insurance policy still in force?
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.
Should I get an insurance policy with another company?
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.
I have flood insurance with AmCap. What is the status of my insurance 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.
I received a “Notice to Policyholders”. Why did I receive this Notice?
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.
I received a “Notice to Agent or Broker”. Why did I receive this Notice?
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.
How will I get my unearned premium refund?
- Florida Insurance Guaranty Association, “FIGA”, https://figafacts.com/
- Georgia Insurers Insolvency Pool, GIIP, https://www.gaiga.org/
- Louisiana Insurance Guaranty Association - https://www.laiga.org/
- North Carolina Insurance Guaranty Association - http://www.ncrb.org/nciga/
- South Carolina Insurance Guaranty Association - http://www.scguaranty.com/
- Texas Property and Casualty Insurance Guaranty Association - http://www.tpciga.org/
What is a Guaranty Association?
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
https://www.ncigf.org/resources/links-and-contacts/
If premium was paid directly from my mortgage company to AmCap, 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 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.
I filed a lawsuit against AmCap prior to the entry of the Receivership Order. Why can't the lawsuit progress?
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.
If I have already filed a loss claim with AmCap, will the liquidation affect the status of my claim?
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.
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 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.
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 am an Agent who owes unearned commission. Where should I send the payment?
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
How can I find out more information regarding the Liquidation of AmCap?
The most up to date information is posted on the website, www.myfloridacfo.com/division/receiver. The Receiver will continue to post information to its website as more information becomes available.
How do I contact the Florida Department of Financial Services which is the court-appointed Receiver of AmCap?
You may contact the Department at one of the following:
- Email - Consumer.Services@myfloridacfo.com
- “Contact Us” Form @ www.myfloridacfo.com/division/receiver
- Phone - 850-413-3081 or toll free @ 1-800-882-3054
- By mail @ the following address:
Florida Department of Financial Services,
Receiver of American Capital Assurance Corp
325 John Knox Road, Atrium Building, Suite 101
Tallahassee, FL 32303
Claims Information
How do I file a claim against the estate of AmCap?
A Proof of Claim form must be postmarked or submitted electronically by 11:59:59 p.m. on Thursday, April 14, 2022.
When is the Department sending out proof of claim forms?
Do I need to submit a proof of claim form to the Department in order to have my Return Premium claim processed?
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.
When is the deadline for filing a claim in the receivership?
The deadline for filing claims in the AmCap receivership is 11:59:59 p.m. on Thursday, April 14, 2022.
How do I obtain a Proof of Claim form?
The deadline for filing a POC is April 14, 2022.
Can I file a proof of claim form in the AmCap estate after the filing deadline? Will it be considered late filed?
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.
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 AmCap 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 AmCap receivership estate, 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 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.
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 my commissions (Agents) or General Creditor claims paid?
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.
How do I report a new Flood claim or to check the status of an existing Flood claim?
Flood Claims only - call (888) 481-1126
How do I check the status of an existing claim (all claims except Flood)?
Contact the guaranty association for the policy state involved.
- Florida Insurance Guaranty Association https://figafacts.com/
- Georgia Insurers Insolvency Pool, GIIP https://www.gaiga.org/
- Louisiana Insurance Guaranty Association https://www.laiga.org/
- North Carolina Insurance Guaranty Association http://www.ncrb.org/nciga/
- South Carolina P & C Ins Guaranty Association http://www.scguaranty.com/
- Texas P & C Insurance Guaranty Association http://www.tpciga.org/
How do I report a new claim (all claims except Flood)?
Florida policyholders:
- Contact the Florida Insurance Guaranty Association
https://figafacts.com/
- Complete the
ACORD - Property Loss Notice form
- Submit your form
- Fax Submission: Fax: 850-413-3997
- Online Submission:
Electronic Submission Instructions - New Claims - Paper Submission:Mail your submission to the below address. It is recommended that you use certified mail with return receipt to prove delivery of the information.
Florida Department of Financial Services, Receiver325 John Knox Road, Atrium Building, Suite 101Tallahassee, FL 32303
Financial Statements
The following documents are provided as Adobe Acrobat PDF files and are best viewed using the free Adobe Acrobat reader software.
| Date | Title | Size |
|---|---|---|
| 09/30/2021 | Financial Statement | 278K |
Related Documents
The following documents are provided as Adobe Acrobat PDF files and are best viewed using the free Adobe Acrobat reader software.
Court Documents
Notices
| Date | Title | Size |
|---|---|---|
| 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 |
Other
| Date | Title | Size |
|---|---|---|
| 07/28/2021 | Proof of Claim Form Sample | 145K |
| 06/04/2021 | ACORD - Property Loss Notice | 68K |