|Company Demographic Information|
|Name of Company:||HOMEWISE INSURANCE COMPANY|
|Case Number:||2011 3221|
|Guaranty Association:||Florida Insurance Guaranty Association(FIGA)|
|Type of Coverage:||Property and Casualty|
|State of Domicile:||Florida|
|Status of Receivership:||Closed|
|Important Receivership Dates|
|Date of Rehabilitation:||N/A|
|Date of Liquidation:||November 18, 2011|
|Policy Cancellation Date:||December 18, 2011|
|Claims Filing Deadline:||November 18, 2012|
|Date of Discharge:||June 30, 2017|
Notice of Receivership
On November 18, 2011, HomeWise Insurance Company (“HomeWise”) 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 HomeWise.
Company Demographic Information
HomeWise had approximately 77,500 active policies including 62,500 policies in Florida and 15,000 policies in Louisiana. Prior to the liquidation, the company arranged for these policies to be transitioned to other insurance carriers. Effective November 1, 2011 at 12:01 a.m., all Louisiana policies were assumed by Lighthouse Property Insurance Corporation. At the same date/time, all Florida policies were assumed by Homeowners’ Choice Property & Casualty Insurance Company (“Homeowners’ Choice”). Although all Florida policies were assumed by Homeowners’ Choice, the policyholders were given the option of opting out of the assumption and remaining with HomeWise. The deadline for opting out was December 7, 2011 at 11:59 p.m. All policyholders were mailed notices from the assuming companies regarding these assumption agreements and any action(s) they needed to take to confirm their continued coverage.
On August 24, 2012, the Department mailed Proof of Claim forms to all known claimants for HomeWise Insurance Company. The deadline for filing a Proof of Claim was November 18, 2012.
Notice to Claimants
On January 5, 2016, the Court approved the Department's Claims Status Report and authorized the Department to refrain from evaluating claims in Classes 2-11 and refrain from filing a report with the Court regarding those claims unless the HPIC estate recovers additional assets sufficient to make distributions beyond Class 1. The Court also authorized the Department to not mail any additional notifications to claimants with claims in Classes 2-11 unless it becomes necessary to evaluate claims in those classes.
On May 15, 2017, the court approved the First Interim Claims Report, Final Claims Report, Distribution Report and the Distribution Accounting Statement. The Department has been authorized and directed to make distributions to claimants as indicated in the Distribution Accounting Statement. In June 2017, a distribution of $1,304,065.31 was made to FIGA, representing 12.1568% of the guaranty association's Class 1 claim. no further distributions are anticipated.
The Department was discharged of all of its responsibilities in administering the HWIC estate and the estate was closed at 11:59 PM on June 30, 2017.
Unclaimed Property From Previous Distributions
Pursuant to the Distribution Orders, all uncashed distribution checks were sent to the Department of Financial Services, Division of Unclaimed Property. The Division of Unclaimed Property may be reached at:
Phone: (850) 410-9253
Toll Free: 1-888-258-2253 (Florida only)
Florida Department of Financial Services
Division of Unclaimed Property
P.O. Box 1910
Tallahassee, FL 32301-1910