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CORAL INSURANCE COMPANY

Company Information

Company Demographic Information
Name of Company:
CORAL INSURANCE COMPANY
Case Number:2009 1367
Guaranty Association:
Florida Insurance Guaranty Association(FIGA)
Type of Coverage:
Property and Casualty
State of Domicile:
Florida
Status of Receivership:
Closed
Important Receivership Dates
Date of Rehabilitation:
April 09, 2009
Date of Liquidation:
July 26, 2010
Policy Cancellation Date:May 31, 2009
Claims Filing Deadline:
July 25, 2011
Objection Deadline:
N/A
Date of Discharge:
June 01, 2013

Notice of Receivership

​On April 9, 2009, Coral Insurance Company ("Coral") was ordered into receivership for purposes of rehabilitation by the Second Judicial Circuit Court in Leon County, Florida ("Court"). The Florida Department of Financial Services is the court appointed Receiver of Coral. The company consented to the receivership.

On July 19, 2010, Coral consented to be placed into liquidation effective July 26, 2010.

On April 5, 2011, the Receiver mailed proof of claim forms to all known claimants of Coral.

Background Information

​Coral, a Florida corporation licensed in 2004, was headquartered in Hollywood, Florida. The company was authorized to transact business in the state of Florida as a domestic property and casualty insurer. Coral wrote homeowner’s multi-peril insurance coverage in Florida. Coral had approximately 11,750 policies in force as of the date of rehabilitation. The largest concentration of policies were located in Palm Beach, Miami-Dade and Broward counties. The company stopped writing new policies on February 26, 2009 and stopped renewing policies effective March 30, 2009. As of May 31, 2009, all in-force policies of the company were cancelled.

Claims Evaluation and Distributions

​On July 11, 2012, the First Interim Claims Report was filed with the Court in the estate of Coral Insurance Company (Coral). On July 13, 2012, the Court issued an order approving the report. The First Interim Claims Report addresses non-Guaranty Association filed claims. Only claims in Classes 1 and 2 were evaluated due to limited assets in the estate. The Receiver does not anticipate a distribution to any claimants beyond Class 2. On July 25, 2012, Notices of Determination ("Notices") were mailed to the 9,842 claimants that filed a claim in the estate. The Notice informed them of the Receiver's recommendations concerning the classification and amount of their claim, along with instructions on how to proceed if a claimant objected to the recommended class or claim value. Objections were required to be filed by the claimant, in writing, with both the Court and the Receiver and postmarked by September 7, 2012. Objections filed after that date were not considered.

On May 13, 2013, the Court approved an order, to be effective June 1, 2013, discharging the Receiver from any further responsibilities regarding Coral Insurance Company and closing the estate. Due to insufficient funds, no distribution was made to claimants.


The following documents are provided as Adobe Acrobat PDF files and are best viewed using the free Adobe Acrobat reader software.

Court Documents

DateTitleSize
07/10/2013Order Approving Receiver's Motion Authorizing Destruction of Obsolete Records, and Assignment of Judgments or Liens To the Florida Guaranty Association17K
07/09/2013Receiver's Motion Authorizing Destruction of Obsolete Records, and Assignment of Judgments or Liens To the Florida Guaranty Association26K
05/13/2013Amended Order Approving Receiver's Second Interim Claims Report, Final Claims Report, and Claims Distribution Report and Distribution/Discharge Accounting Statement, and Directing Distribution and Final Discharge as of June 1, 201319K
05/02/2013Receiver's Motion for Order Approving Receiver's Second Interim Claims Report, Final Claims Report, and Claims Distribution Report and Distribution/Discharge Accounting Statement, and Directing Distribution and Final Discharge1,851K
07/13/2012Order Approving Receiver's Motion for Approval of First Interim Claims Report and Recommendation on Claims16K
07/11/2012Receiver's Motion for Approval of First Interim Claims Report and Recommendation on Claims550K
08/05/2010Order Approving Procedure for Deeming Return Premium Claims as Timely Filed23K
07/19/2010Consent Order Appointing the Florida Department of Financial Services as Receiver for Purposes of Liquidation, Injunction and Notice of Automatic Stay146K
04/20/2009 Order Approving The Receiver's Motion for Order Cancelling Policies and Approving Plan for Payment of Return Premium and Payment of Claims17K
04/17/2009Receiver's Motion for Order Cancelling Policies; Approval of Plan for Payment of Return Premium and Payment of Claims; And Modification of Automatic Stay91K
04/09/2009Consent Order Appointing The Florida Department of Financial Services as Receiver for Purposes of Rehabilitation, Injunction, and Notice of Automatic Stay93K

 

Notices

DateTitleSize
04/27/2009Notice to Coral Insurance Company Policyholders - Policy Cancellation (English Version)75K
04/27/2009Notice to Coral Insurance Company Policyholders - Policy Cancellation (Spanish Version)84K
04/21/2009Policy Cancellation Notice To Agent or Broker Regarding the Rehabilitation of Coral Insurance Company62K
04/13/2009Notice to Agent or Broker Regarding the Rehabilitation of Coral Insurance Company38K
04/07/2009Agent Notice Issued by Coral Insurance Company26K
03/27/2009Suspension Order Issued by the Florida Office of Insurance Regulation51K

 

Other

DateTitleSize
07/14/2012Insolvency Report198K