By order entered December 24, 2013, a New York court found ICM Insurance Company ("ICM") insolvent and placed it into liquidation. The New York Liquidation Bureau ("NYLB") will administer the liquidation. Effective that same date, the Texas Commissioner of Insurance issued an Order of Impairment for ICM. This order triggers the Texas Property and Casualty Insurance Guaranty Association's obligations under the Guaranty Act to handle certain claims arising out of ICM policies.
INSURANCE POLICY AND COVERAGE INFORMATION
If not already cancelled or replaced, the court ordered all policies cancelled at 12:01 a.m. on January 23, 2014. The NYLB will send notice to ICM policyholders advising of the termination of their policies. Policyholders should immediately contact their insurance agent or broker in order to obtain replacement coverage effective no later than 12:01 a.m. on January 23, 2014. The Texas Department of Insurance's website offers an FAQ for consumers regarding policies and coverages.
NEW AND PENDING LOSS CLAIMS INFORMATION
The NYLB is arranging for the transfer of claims files to TPCIGA for handling. Please
forgo contacting TPCIGA until at least mid-
Policyholders should continue to notify ICM, through the NYLB, of any new claims
and lawsuits. You may contact the NYLB at (212) 341-
If you have uninsured motorists' (UM) coverage through another carrier, that insurance is now primary. You should contact your UM carrier to make a claim. UM and all other forms of available insurance, including health insurance, PIP, med pay and collision, must be exhausted before TPCIGA can consider payment of your claim.
Claims for unearned premium will be processed as soon as possible after TPCIGA receives all necessary financial information from the NYLB.
LAWSUITS AND STAY OF LITIGATION
Lawsuits pending in Texas in which ICM is a party or is obligated to defend a party are automatically stayed pursuant to Texas law until June 24, 2014 to allow TPCIGA time to receive and review the claims. If you are an attorney representing an ICM insured, please contact TPCIGA as soon as possible to facilitate filing notice of the statutory stay with the court.
The New York Liquidation Bureau has a website with more information about the liquidation
at www.nylb.org. You may also contact the NYLB office at (212) 341-
Information as of 01/13/2014
ICM 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.
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