|Name of Company:||First Commercial Insurance Company|
|CASE NUMBER||2009 CA 2668|
|Date of Liquidation:||August 24, 2009|
|Policy Cancellation Date:||September 23, 2009|
|Claim Filing Deadline:||August 17, 2010|
|Guaranty Association:||Florida Insurance Guaranty Association (you are leaving the DFS website and opening a new browser window) (FIGA)
Florida Workers' Compensation Insurance Guaranty Association(you are leaving the DFS website and opening a new browser window) (FWCIGA)
|Type of Coverage:||Property and Casualty|
|State of Domicile:||Florida|
|Status of Receivership:||Liquidation|
Notice of Receivership
Effective on August 24, 2009, First Commercial Insurance Company (“FCIC”) was ordered liquidated by the Second Judicial Circuit Court in Leon County, Florida. The Florida Department of Financial Services was previously appointed as Receiver of both FCIC on July 10, 2009, when the company consented to be placed in receivership for purposes of rehabilitation. Unfortunately, the company’s financial condition prohibited any realistic chance for a successful rehabilitation.
On March 8, 2013, the court approved the First Interim Claims Report and Recommendation on Claims. On March 25, 2013, the Department mailed 31,638 Notices of Determination letters to all known claimants. Due to insufficient assets, only Class 1 and 2 were evaluated. The Amount Recommended Claimant field was blank for Classes 3 through 11. The Objection Filing Deadline was May 6, 2013.
On December 5, 2013, the court approved the Second Interim Claims Report and Recommendation on Claims. The report contained three filed claims. Due to insufficient assets, only Class 1 and 2 were evaluated. The Amount Recommended Claimant field was blank for Classes 3 through 11.
On August 10, 2015, the court approved the Third Interim Claims Report and Recommendation on Claims. On August 13, 2015, the Department mailed 33 Notices of Determination letters to Class 3 Claimants. The Notice advises claimants that there is not sufficient funds for a distribution payment. The Objection Filing Deadline was September 28, 2015.
On May 4th, 2018, Distribution checks were mailed to claimants in class 1 and class 2. Class 2 claimants were Court Approved to receive a 7.52% pro-rata payment on their evaluated claim. Claimants are encouraged to cash these checks as soons as possible.
A Notice is included with each check providing instructions.
This is anticipated to be the only distribution. Funds were insufficient to pay any additional claimants classes.