CORAL INSURANCE COMPANY
|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|
|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.
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.
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