MAGNOLIA INSURANCE COMPANY
|Company Demographic Information|
|Name of Company:||MAGNOLIA INSURANCE COMPANY|
|Case Number:||2010 CA 1522|
|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:||N/A|
|Date of Liquidation:||April 30, 2010|
|Policy Cancellation Date:||May 30, 2010|
|Claims Filing Deadline:||May 02, 2011|
|Objection Deadline:||September 23, 2013|
|Date of Discharge:||July 23, 2018|
Notice of Receivership
On April 30, 2010, Magnolia Insurance Company (“Magnolia”) was ordered into receivership for purposes of liquidation by the Second Judicial Circuit Court in Leon County, Florida. The Florida Department of Financial Services is the court appointed Receiver of Magnolia. The company admitted that it is insolvent and consented to the receivership.
Magnolia, a Florida corporation licensed in 2008, was headquartered in Coconut Grove, Florida. The company previously wrote homeowners policies in Florida and has been in a run-off mode while in a public Administrative Supervision since December 2009. Magnolia had as many as 36,000 policies in force as of the liquidation date. The company was only licensed in the state of Florida.
On January 1, 2011, the Receiver mailed 8,600 Proof of Claim forms to all known claimants. The claim filing deadline is April 11, 2011.
On May 31, 2011, the Receiver completed the process of returning unearned premiums and closed the bank account. The Receiver returned unearned premiums to more than 21,000 policyholders. A total of 1,524 checks totaling $501,626.68 were not negotiated and the funds have been transmitted to Unclaimed Property.
On July 10, 2013, the court approved the First Interim Claims Report and Recommendation on Claims. On August 8, 2013, the Receiver mailed 28,687 Notice of Determination letters to all known claimants. Classes for which funds were available were evaluated and the adjudicated amount owed shown in the Amount Recommended Claimant field along with the Classification of the claimant. The Objection Filing Deadline is September 23, 2013.
The Department was discharged of all of its responsibilities in administering the Magnolia estate and the estate was closed at 11:59 PM on July 23, 2018.
Unclaimed Property From Previous Distributions:
Pursuant to the Distribution Orders, all uncashed distribution checks were sent to the Department of Financial Services, Division of Unclaimed Property. The Division of Unclaimed Property may be reached at:
Phone: (850) 410-9253
Toll Free: 1-888-258-2253 (Florida only)
Florida Department of Financial Services
Division of Unclaimed Property
P.O. Box 1910
Tallahassee, FL 32301-1910
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