FIRST SOUTHERN INSURANCE COMPANY
Company Information
| Company Demographic Information | |
| Name of Company: | FIRST SOUTHERN INSURANCE COMPANY |
|---|---|
| Case Number: | 92 4127 |
| Guaranty Association: | Florida Insurance Guaranty Association(FIGA) and Florida Workers Compensation Insurance Guaranty Association(FWCIGA) |
| Type of Coverage: | Property and Casualty |
| State of Domicile: | Florida |
| Status of Receivership: | Closed |
| Important Receivership Dates | |
| Date of Rehabilitation: | N/A |
| Date of Liquidation: | October 02, 1992 |
| Policy Cancellation Date: | October 31, 1992 |
| Claims Filing Deadline: | May 03, 1993 |
| Objection Deadline: | See Below |
| Date of Discharge: | December 31, 2012 |
Company History
On August 28, 2009, the Third Interim Claims Report and Recommendations on Claims was filed with the Court. On September 2, 2009 the Court issued an Order approving the report. On September 9, 2009, notices were mailed to 16 First Southern claimants informing them of the Receiver's recommendations concerning the classifications and amounts on their claims, along with instructions on how to proceed if a claimant objects to the recommendations. Objections were required to be filed by the claimant, in writing, with both the Court and the Receiver and postmarked by October 5, 2009. Objections filed after that date were not considered.
Proof of claim forms were mailed in early 1993. Any proof of claim form filed after the claims filing deadline was considered "late filed".
This receivership involves multiple states and multiple guaranty associations. The issues regarding multi-state companies are complex in nature and generally require higher levels of coordination.
On May 28, 2008, the Second Interim Claims Report and Recommendations on Claims was filed with the Court.
On May 29, 2008 the Court issued an Order approving the report. On June 12, 2008, notices were mailed to 2,408 First Southern claimants informing them of the Receiver's recommendations concerning the classifications and amounts on their claims, along with instructions on how to proceed if a claimant objects to the recommendations. Objections were required to be filed by the claimant, in writing, with both the Court and the Receiver and postmarked by July 31, 2008. Objections filed after that date were not considered.
On August 9, 2012, the Court issued an Order approving Receiver's Final Claims Report, Claims Distribution Report and Distribution Accounting and Authorizing Distribution. On August 30, 2012, the Receiver mailed checks to 107 Class 2 claimants representing 52.919% of the recommended amount owed claimants. The total of the 107 checks was $5,662.44.
Two guaranty associations provided coverage for this estate. In addition to the $5,662.44 mailed to Class 2 claimants, $16,751,465.54 was provided as Early Access funds to the guaranty associations. Another $11,084,365.19 was paid as claims to the guaranty associations. The total distribution in this estate was $27,841,492.57.
On December 20, 2012, the Court issued an Order that discharged the Florida Department of Financial Services of its duties as Receiver of First Southern Insurance Company effective December 31, 2012.
Pursuant to the Discharge Order, all abandoned property will be sent to the Department of Financial Services, Bureau of Unclaimed Property. A total of 214 items were transferred totaling $7,594.02. The monies should be posted by the second quarter of 2013. The Bureau of Unclaimed Property may be reached at:
www.fltreasurehunt.org
Phone: (850) 410-9253
Toll Free: 1-888-258-2253 (Florida only)
Florida Department of Financial Services
Bureau of Unclaimed Property
P.O. Box 1910
Tallahassee, FL 32301-1910
Estate Closed
The Department was discharged of all of its responsibilities in administering this estate and the estate was closed at 11:59 PM on December 31, 2012.
Related Documents
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Court Documents