TPCIGA-Gulfstream

LIQUIDATION ORDER

Gulfstream Property and Casualty Insurance Company ("Gulfstream") was found to be insolvent and placed into liquidation by a Florida court on July 28, 2021. The CONSENT ORDER APPOINTING THE FLORIDA DEPARTMENT OF FINANCIAL SERVICES AS RECEIVER OF GULFSTREAM PROPERTY AND CASUALTY INSURANCE COMPANY FOR PURPOSES OF LIQUIDATION, INJUNCTION, AND NOTICE OF AUTOMATIC STAY may be viewed here. The liquidation order triggered TPCIGA's statutory obligations to Texas policyholders and claimants under TEX. INS. CODE chapter 462, known as the Guaranty Act.

The liquidation order permanently enjoins all persons, including policyholders and creditors, from instituting or further prosecuting any action against Gulfstream except within the liquidation proceedings. In addition, the Texas Guaranty Act imposes an automatic six-month stay of proceedings in any case in which Gulfstream was obligated to defend a party, effective until January 28, 2022.

CANCELLATION OF POLICIES

The liquidation order cancels all in-force Gulfstream insurance policies as soon as they expire or are replaced, but in no event later than 12:01 a.m. on August 27, 2021, the thirtieth day following the effective date of the Order. Please contact your insurance agent or financial adviser immediately about securing other insurance.

Flood policies administered by Gulfstream but issued under Federal law are not cancelled by the liquidation order. Those policies will be transferred to a new policy administrator.

NEW AND PENDING LOSS CLAIMS INFORMATION

Continue to report new claims to Gulfstream at (866) 485-3004.

TPCIGA is working with the Florida receiver to arrange for transfer of the Texas claims to TPCIGA for handling. Policyholders and claimants are requested to forgo contacting TPCIGA on non-hardship matters for several weeks to allow sufficient time for the file transfer and initial review. TPCIGA will be unable to discuss the status of pending claims until the files have been transferred.

If you have insurance available through any carrier other than Gulfstream, that insurance is now primary, and you should contact your carrier to make a claim. All forms of other available insurance must be exhausted before TPCIGA can consider payment of your claim.

LAWSUITS AND STAY OF LITIGATION

Litigation against Gulfstream is permanently enjoined by the liquidation order. Any pending lawsuit in which Gulfstream is obligated to defend a party is automatically stayed for a period of six months from the date of the liquidation order, or until January 28, 2022, pursuant to TEX. INS. CODE §462.309. The statute of limitations is not tolled by the automatic stay.

PRIOR OR PENDING SETTLEMENTS

TPCIGA is not bound by a settlement or release entered into by Gulfstream or its insureds, and such a settlement is not evidence of liability or damages against TPCIGA or an insured. TEX. INS. CODE §462.303. TPCIGA is obligated to review all claims to determine the extent to which they may be payable under the Guaranty Act.

RECEIVER CONTACT INFORMATION

The Florida Department of Financial Services is the appointed receiver responsible for winding up the affairs of Gulfstream through its Rehabilitation and Liquidation Division. You may email the Florida receiver at Consumer.Services@myfloridacfo.com, call (800) 882-3054 or (852) 413-3081, or visit its website at www.myfloridacfo.com/division/receiver. The deadline for filing claims with the liquidation estate is July 28, 2022.

Information as of 08/09/2021

Gulfstream Property and Casualty 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.