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MAGNOLIA INSURANCE COMPANY

Company Information

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.

Background Information

​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.

Estate Closed

​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:

www.fltreasurehunt.org
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

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

Court Documents

DateTitleSize
07/23/2018Order Approving Department's Discharge Motion611K
07/03/2018Department's Motion for Order Approving Discharge72K
11/17/2017Order Approving Department's Motion for Approval of Final Claims Report, Distribution Report and Distribution Accounting, and for Order Authorizing Distribution526K
10/09/2017Department's Motion for Approval of Final Claims Report, Distribution Report and Distribution Accounting, and for Order Authorizing Distribution723K
07/21/2016Order Approving Receiver's Fifth Interim Claims Report and Recommendation on Claims27K
07/19/2016Receiver's Motion for Approval of Fifth Interim Claims Report and Recommendation on Claims104K
03/24/2016Order Approving Receiver's Fourth Interim Claims Report and Recommendation on Claims49K
03/16/2016Receiver's Motion for Approval of Fourth Interim Claims Report and Recommendation on Claims103K
12/06/2013Order Approving Receiver's Motion for Approval of Third Interim Claims Report and Recommendation on Claims26K
12/04/2013Receiver's Motion for Approval of Third Interim Claims Report and Recommendation on Claims181K
11/12/2013Order Approving Receiver's Second Interim Claims Report and Recommendation on Claims26K
11/07/2013Receiver's Motion for Approval of Second Interim Claims Report and Recommendation on Claims134K
07/13/2013Order Approving Receiver's First Interim Claims Report and Recommendation on Claims23K
07/03/2013Receiver's Motion for Approval of First Interim Claims Report and Recommendation on Claims99K
05/17/2012Order Granting Motion for Approval of Holders Report and Authorization to Transfer Premium Funds19K
05/17/2012Order Granting Motion for Approval of Holders Report and for Authorization to Transfer Return Premium Funds to Unclaimed Property19K
05/15/2012Receiver Motion For Approval of Holders Report and For Authorization to Transfer Premium Funds to Bureau of Unclaimed Property46K
05/15/2012Motion for Approval of Holders Report and for Authorization to Transfer Return Premium Funds to Unclaimed Property46K
10/08/2010Order Approving Procedure for Deeming Return Premium Claims as Timely Filed29K
04/30/2010Petition for Order Appointing The Florida Department of Financial Services as Receiver for Purposes of Liquidation, Injunction, and Notice of Automatic Stay787K
04/30/2010Consent Order Appointing the Florida Department of Financial Services as Receiver for Purposes of Liquidation, Injunction and Notice of Automatic Stay120K

 

Notices

DateTitleSize
12/19/2017Notice Regarding Time Sensitive Distribution Checks61K
08/07/2013Notice of Determination103K
05/12/2010Notice to Policyholder - Liquidation of Magnolia Insurance Company (English Version)59K
05/12/2010Notice to Policyholder - Liquidation of Magnolia Insurance Company (Spanish Version)60K
05/05/2010Notice to Agent or Broker - Liquidation of Magnolia Insurance Company (English Version)58K
05/05/2010Notice to Agent or Broker - Liquidation of Magnolia Insurance Company (Spanish Version)63K

 

Other

DateTitleSize
02/08/2016Insolvency Report35,737K