LIQUIDATION ORDER AND IMPAIRMENT
The Circuit Court of Leon County, Florida found Guarantee Insurance Company ("GIC") insolvent and placed it into receivership on November 27, 2017. The Texas Commissioner of Insurance subsequently designated the company an "impaired insurer”. These events triggered the obligations of the Texas Property and Casualty Insurance Guaranty Association ("TPCIGA") to handle certain GIC claims under the Texas Property and Casualty Insurance Guaranty Act, TEX. INS. CODE Ch. 462.
INSURANCE POLICY AND COVERAGE INFORMATION
All current GIC policies will cancel on December 27, 2017, unless they expire or cancel earlier in the normal course of business. Policyholders should contact their agent or other business advisors regarding obtaining replacement coverage. The Texas Department of Insurance's website also provides employers with information about policies and coverages at http://www.tdi.texas.gov/pubs/consumer/cb030.html.
NEW AND PENDING LOSS CLAIMS INFORMATION
Policyholders should notify TPCIGA of new or reopening claims involving Texas claimants.
TPCIGA will coordinate with the Florida receiver to set-
WORKERS' COMPENSATION CLAIMS INFORMATION
The Florida Receiver pre-
STAY OF LITIGATION
The Liquidation Order permanently enjoins all persons, including policyholders and
creditors, from instituting or further prosecuting any action against GIC except
within the Florida receivership proceeding. Additionally, the Guaranty Act imposes
an automatic six-
PRIOR OR PENDING SETTLEMENTS
TPCIGA is not bound by a settlement or release entered into by GIC or its insureds, and such a settlement is not evidence of liability or damages against TPCIGA or an insured. TEX. INS. CODE §462.303.
Claims for unearned premiums may be covered under the Guaranty Act up to $25,000, but TPCIGA cannot process claims for unearned premium until receipt of policy and premium information from the receiver. That is typically not provided until later in the receivership process.
The Florida Department of Financial Services, Division of Rehabilitation and Liquidation,
is responsible for the liquidation of GIC. It has posted information about GIC, in
receivership, at https://www.myfloridacfo.com/division/Receiver/Companies/GIC/FAQ.htm.
You may also contact the Florida receiver at (850) 413-
Information as of January 8, 2018
Guarantee Insurance Company
Information on this site is not legal advice and is not intended to be a comprehensive statement of the law or of the TPCIGA's policies and procedures. References to the laws of any jurisdiction are for informational purposes only and are not a substitute for the official version of a statute. TPCIGA makes no warranty as to the accuracy or reliability of the content of this website or other related websites.
© 2010 by Texas Property and Casualty Insurance Guaranty Association