Florida – Earlier this month, Southern Eagle Insurance Company (“SEIC”), already in receivership, was ordered liquidated by the Second Judicial Circuit Court in Leon County, Florida. The Florida Department of Financial Services is the court appointed Receiver of SEIC. The company was previously ordered into receivership for purposes of rehabilitation on December 6, 2011.
SEIC is a property and casualty insurance company which was licensed in Florida in 2005. Located in Bradenton, Florida, the company wrote workers’ compensation insurance coverage. SEIC has approximately 29 policies in force.
SEIC has approximately 29 policies in force. The company’s existing policies are cancelled by the liquidation order effective 12:01 a.m. on January 15, 2012. The company was previously ordered by the Office of Insurance Regulation (OIR) on November 22, 2011, to cease writing and/or renewing policies.
Claims Issues:
Under the liquidation order, the deadline for filing claims in the SEIC Receivership is 11:59:59 p.m. on December 16, 2012. Information regarding the method for filing claims in the liquidation proceeding will be available on the Receiver’s website at www.MyFloridaCFO.com/Receiver in the near future.
With the entry of the liquidation order, the Florida Workers’ Compensation Insurance Guaranty Association (“FWCIGA”) was activated to help pay claims for workers’ compensation policies. The processing and payment of pending covered claims will be made by FWCIGA subject to the following limits:
- FWCIGA limits the amount it pays to the amount of coverage provided by the policy.
- However, Florida does not limit benefits paid to injured workers and pays 100 percent of the statutorily defined workers’ compensation benefits.
- Employer liability claims are limited to the lesser of $300,000 or policy limits.
- For unearned premium claims, FWCIGA’s obligation is limited to $50,000 and covers only policies in force on the date of liquidation.
For additional general information regarding FWCIGA, please visit the guaranty association’s website at www.fwciga.org.
Source: Florida CFO’s Office