On April 27, 2011, the Circuit Court of Cook County, Illinois issued an order finding Reinsurance Company of America (RCA) insolvent and placing it into liquidation. The Illinois Office of the Special Deputy Receiver (OSD) will administer the liquidation. RCA was licensed to do business in Texas and the Texas Insurance Commissioner has issued an Order of Impairment for the company effective April 27, 2011. The Texas Property and Casualty Insurance Guaranty Association (TPCIGA) has assumed handling of claims for certain policy losses and unearned premiums of RCA.
INSURANCE POLICY & COVERAGE INFORMATION
The OSD will send notices to RCA 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 May 27, 2011. The Texas Department of Insurance website offers an FAQ for consumers regarding policies and coverages.
NEW & PENDING LOSS CLAIMS INFORMATION
Policyholders should continue to notify RCA, through the OSD, of new claims and lawsuits under normal reporting procedures. Notices should be sent to the attention of Eva Flores via email at firstname.lastname@example.org or at the Office of the Special Deputy Receiver, 222 Merchandise Mart Plaza, Suite 1450, Chicago, IL, 60654. The OSD is arranging for the transfer of loss claims files to TPCIGA for handling. Policyholders and claimants are requested to forgo contacting TPCIGA until early June 2011 to allow sufficient time for the file transfer and initial review. The TPCIGA will be unable to discuss the status of pending claims until the files have been transferred.
Reinsurance Company of America (RCA)
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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