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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 continue to notify GIC of new claims and lawsuits under normal reporting procedures until advised differently. Contact the GIC Client Service Center at (877) 886-4334 or www.guaranteeins.com.

The Florida Receiver is arranging for the transfer of claim files and data to TPCIGA for handling. Please forgo contacting TPCIGA for several weeks to allow sufficient time for the file transfer and initial review.  


WORKERS' COMPENSATION CLAIMS INFORMATION

The Florida Receiver has arranged for workers' compensation claimants to continue to receive indemnity and pharmacy benefits for eight (8) weeks post-insolvency without interruption to allow for the transfer of files to TPCIGA. You may contact us at (800) 856-0298 if a claimant has immediate medical needs.


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-month stay of proceedings in any case in which GIC was a party or obligated to defend a party, effective until May 27, 2018.


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.


UNEARNED PREMIUM

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) 413-3081.





Information as of December 6, 2017


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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.  


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