GUARANTEE INSURANCE COMPANY
Company Information
| Company Demographic Information | |
|---|---|
| Name of Company: | GUARANTEE INSURANCE COMPANY |
| Case Number: | 2017 CA 2421 |
| Guaranty Association: | Florida Workers Compensation Insurance Guaranty Association(FWCIGA) and 31 others |
| Type of Coverage: | Property and Casualty |
| State of Domicile: | Florida |
| Status of Receivership: | Liquidation |
| Important Receivership Dates | |
| Date of Rehabilitation: | N/A |
| Date of Liquidation: | November 27, 2017 |
| Policy Cancellation Date: | December 27, 2017 |
| Claims Filing Deadline: | November 27, 2018 |
| Objection Deadline: | February 19, 2019 |
Notice of Receivership
Background Information
The states other than Florida where GIC had in-force polices at the time of liquidation are Alabama, Arkansas, Colorado, Delaware, the District of Columbia, Georgia, Idaho, Indiana, Kentucky, Louisiana, Maine, Maryland, Michigan, Mississippi, Missouri, Montana, Nebraska, Nevada, New Jersey, New Mexico, New York, North Carolina, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Virginia, and West Virginia.
GIC had approximately 8,600 active policies as of November 13, 2017, including 1,250 in Florida. Under the liquidation order, all GIC policies are cancelled effective on December 27, 2017, unless otherwise terminated prior to that date.
Notices of Determination:
All objections were due on or before July 26, 2021 and must have been filed in writing to both the Department and to the Clerk of the Court. Objections received after the deadline will not be considered. It is recommended that objections be sent by certified mail, return receipt requested.
Notices of Determination for the Third Interim Claims Report:
On January 6, 2021 the Department mailed 12,636 Notices of Determination (NODs) to claimants with Class 2 - Class 11 claims. The NODs were sent via the US Postal Service. These NODs inform the claimants of the Departments recommendation concerning the amount recommended and classification of their filed claim. The process by which an objection to class or amount may be filed is described in the NOD. The Objection Filing Deadline was Monday, March 1, 2021.
All objections were due on or before March 1, 2021 and filed in writing to both the Department and to the Clerk of the Court. Objections received after the deadline will not be considered. It is recommended that objections be sent by certified mail, return receipt requested.
Notices of Determination for the Second Interim Claims Report:
On February 12, 2020, the Department mailed 4155 Notices of Determination (NODs) via US postal mail to claimants with Class 3 claims from Georgia, New Jersey & Pennsylvania informing them of the Department's recommendations concerning the amount recommended and classification of their filed claim.
The objection filing deadline was March 27, 2020. All objections must be filed in writing to both the Division and to the Clerk of Court. All objections were due on or before the deadline date. Objections received after the deadline will not be considered. It is recommended that objections be sent by certified mail, return receipt requested.
Class 3 claims are claims for premium refunds due to the policyholders. The Department automatically filed claims on the policyholder's behalf once an audit of the premium had been conducted.
Notices of Determination for the First Interim Claims Report:
On December 21, 2018, the Department sent 454 Notices of Determination (NODs) via US postal mail to claimants with Class 2 claims informing them of the Department's recommendations concerning the amount recommended and classification of their filed claim.
The objection filing deadline was February 19, 2019. All objections must be filed in writing to both the Division and to the Clerk of Court. All objections were due on or before the deadline date. Objections received after the deadline will not be considered. It is recommended that objections be sent by certified mail, return receipt requested.
Frequently Asked Questions
Is my insurance policy still in force?
If I have already filed a workers’ compensation claim with GIC will the Liquidation affect the status of my claim?
How do I report a new workers’ compensation claim?
Alphabetical listing of state guaranty associations and contact information
How do I obtain medical authorizations?
For medical authorizations on claims, please contact your state's guaranty association. Contact information for each state guaranty association can be found at: Alphabetical listing of state guaranty associations and contact information
Where should medical providers submit unpaid medical bills?
Providers should submit unpaid medical bills to their state guaranty association. Contact information for each guaranty association can be found at: Alphabetical listing of state guaranty associations and contact information
Do I need to submit a proof of claim form to the Department in order to have a state guaranty association make payments on my loss claim?
No. The state guaranty associations will have access to the company claim files and will review your claim to determine if it is a covered claim on which payments may be due. If you are not certain that your claim is covered in full by a guaranty association, you must submit a proof of claim form to the Department.
Do I need to submit a proof of claim form to the Department in order to have my invoices for claim related expenses paid?
When is the Department sending out Proof of Claim forms?
The Department mailed 16,820 Proof of Claim forms on February 22, 2018 to policyholders and injured workers associated with open claims, employees, general creditors, premium finance companies and various government agencies. Additional mailings took place on March 7, 2018 and March 26, 2018 for a total of 515 items mailed. On May 16, 2018, the Department mailed 898 Proof of Claim forms to Agents.
Why did I receive a proof of claim form?
If you have received a proof of claim form, you have been identified as a potential claimant in the estate of GIC. Receiving a proof of claim form does not mean that you do have a claim in the GIC estate, only that you were listed in the company records and could potentially have a claim. Potential claimants can include loss claimants, policyholders, general creditors, agents, claims vendors etc.
I am an employer/policyholder with an open claim(s) or an injured claimant. Why did I receive a proof of claim form if a guaranty association is handling the claim?
All policyholders and injured claimants on open claims were noticed. In most cases, the claims are covered by the guaranty association in full. If you are not certain that your claim is covered in full by a guaranty association, you must submit a proof of claim form to the Department.
I am a policyholder. Do I need to submit a proof of claim form to the Department in order to have my Return Premium claim processed?
No. These claims may or may not be covered by the applicable state guaranty association. The Court approved an Order on May 15, 2018 where the Department will not require Proof of Claim forms from policyholders who have a potential return premium claim in the estate of GIC. Potential claims include the return premium claims of policyholder claimants who had a policy in force on the date of liquidation and all other return premium claims who the department calculates are due return premium. Policyholders do no need to anything to file a timely claim for return premium or to have their claim accepted by the Department.
I am a policyholder. Do I need to submit a proof of claim form to the Department in order to have my loss fund balance reimbursed?
How do I obtain a proof of claim form?
If you have not received a proof of claim form and you would like us to send you one, please contact the Receiver by using the Contact Us Form. Alternatively, you may contact the Receiver at #850-413-3081 (toll-free to Florida Residents by calling #800-882-3054).
I am a Florida insured and I have a Florida contract with a premium finance company (“PFC”). Is the (“PFC”) supposed to cease demands for payment from the insured?
Premium financing of an insurance policy is a contract between the insured and the PFC and the Department has no authority to intervene.
I received a letter from Patriot Audit Services (or CTS Audit Services), what does this mean to me?
Letters dated 02/07/2018, from CTS Audit Services, LLC, were sent to former GIC policyholders that will be required to have an audit. The audit process is in its initial stages. There are 8,000+ former GIC policyholders that require final audits to determine to what extent a refund is due. As such, we are unable at this time to provide a timeframe on when the audits will be completed, rated and when refunds will be referred to the applicable guaranty fund. The only thing that can be done is to cooperate with the auditor when that time comes. If the audit comes back as a return premium, the claim will automatically be referred to the guaranty fund of your state.
All questions and concerns regarding the audit should be directed to CTS Audit Services, LLC (who is performing the audit). CTS Audit Services, LLC. phone number is (484)567-0293, their Fax Number is (954)206-0157 and their email is MailAudit@ctsholdings.com.
Questions about the GIC Receivership can be directed to Consumer Services at (850)413-3089 or Consumer.Services@myfloridacfo.com
My audit was completed and I have return premium due. How do I get my money back?
The Department is in the process of gathering that information and will forward the data to the guaranty associations in the applicable states. Payment of covered claims will be based on the laws governing the individual state guaranty association. Although most guaranty associations cover unearned premium claims, some do not. Most have a limit on the amount that will be paid and may require that the policy be in effect on the date of liquidation. In some states where the returned premium claim is based on a premium audit or retrospective rating it may not be covered at all. Additionally, net worth limitations in many guaranty association statutes may preclude the payment of unearned premium claims to certain high net worth insureds. Some additional information by state is available at the web site of the NCIGF: http://www.ncigf.org/industry.
I have a claim for return of unearned premium for my Workers’ Compensation policy. What do I do?
Please note: The Georgia Insurers Insolvency Pool does not provide coverage for workers' compensation unearned premium claims. Policyholders with questions regarding their claim should call the Georgia Insurers Insolvency Pool at (770) 621-9835.
How long will the return premium process take?
The Department doesn't know at this time; however, we will update our FAQs as more information becomes available.
Are claims for return premium on policies that were not in force as of the liquidation date covered by the applicable state guaranty association?
These claims may not be covered by the applicable state guaranty association, but may be a claim in the GIC receivership.
Why did I receive a Notice of Determination?
If you have additional questions regarding the NOD, please contact the Department by calling (850) 413-3081 or toll free at 1-800-882-3054.
How are claims paid in a receivership?
The payment of claims in a receivership is defined by Florida Statutes, Chapter 631. Please be advised that the only assets that are available for distribution are the assets of the company.
When is the claim filing deadline?
In order for a claim against the estate of GIC to be considered timely-filed, completed proof of claim forms must be submitted and postmarked by November 27, 2018.
Can I file a proof of claim form in the GIC estate after the filing deadline? Will it be considered late-filed?
Yes, you may file a proof of claim. However, any proof of claim form postmarked after November 27, 2018 will be processed as late-filed.
I filed a lawsuit against GIC prior to their entry into liquidation. Why can't the lawsuit progress?
Pursuant to the Liquidation Order and to Section 631.041(1), Florida Statutes, there is an automatic stay in place prohibiting judicial and administrative proceedings against the company.
Who do I call for non-claims related questions?
If you have any non-claims related questions regarding the receivership, please contact the Department at Consumer.Services@myfloridacfo.com or by calling (850) 413-3081 or toll free at 1-800-882-3054.
I'm trying to file a lawsuit against GIC but the process server is not being allowed to perfect service of the complaint. Why?
Pursuant to the Liquidation Order and to Section 631.041(1), Florida Statutes, there is an automatic stay in place prohibiting judicial and administrative proceedings against the company.
When will agents receive an Agent Notice?
Agent Notices were sent on November 28, 2017. Copies of the Notices are available in the Related Documents section of the Department's website.
What is the Agent’s responsibility to the policyholders?
Section 631.341(2), Florida Statutes requires that agents to provide written notice of the receivership by registered or certified mail, or by email with delivery receipt required, to the last known address of any policyholder a written notice of the insurer's insolvency before the court-ordered cancellation date of the policies, which was December 27, 2017.
Will earned commission claims be paid by the Guaranty Association?
No. Typically, agents' earned commission claims are general creditor claims and are not covered by the applicable guaranty association, but may be filed as claims in the receivership. There may not be sufficient assets to pay this priority of claims; however, agents must file a proof of claim form to have their claims considered.
How do agents obtain loss runs?
If you need loss runs please contact the Department using the Contact Us Form or by calling (850) 413-3081 or toll free at 1-800-882-3054. Note: Current loss-run data is as-of the policy cancellation date of December 27, 2017.
I am an Agent who owes unearned commission. Where should I send the payment?
Division of Rehabilitation & LiquidationEffective October 12, 2021 payments should be sent to the following address:
P.O. Box 865694Orlando, FL 32886-5694
For Standard Payments Only:
State of Florida
Division of Rehabilitation & Liquidation
P.O. Box 946694Atlanta, GA 30394-6694For Express Payments Only:
Lockbox Services - #0865694
State of Florida
Division of Rehabilitation & Liquidation
3585 Atlanta Ave.Hapeville, GA 30354
Claims Information
Court Ordered Claims Filing Bar Date Established
The Court has approved an Order setting a claims bar date for non-insurance policy related claims. All non-Insurance policy related claims in the Guarantee Insurance Company receivership must be filed no later than December 31, 2020, or they shall be forever barred. See Related Documents to review Motion and Order.
How do I file a claim against the estate of GIC?
The Receiver's claim filing deadline is November 27, 2018.
In order for a claim against the estate of GIC to be considered timely-filed, completed proof of claim forms must be submitted and postmarked by November 27, 2018.
How do I obtain a proof of claim form?
If you would like a proof of claim form, please contact the Receiver by using the Contact Us Form. Alternatively, you may contact the Receiver at #850-413-3081 (toll-free to Florida Residents by calling #800-882-3054).
Can I file a proof of claim form in the GIC estate after the filing deadline? Will it be considered late-filed?
Yes, you may file a proof of claim. However, any proof of claim form postmarked after November 27, 2018 will be processed as late-filed.
Claims Bar Date Set for Non-Insurance Policy Related Claims:
No new non-policy related claims will be accepted by the Receiver effective December 31, 2020. The Court has approved an Order setting the claims bar date, for non-insurance policy related claims. See Related Documents to review Motion and Order.
Do I need to submit a proof of claim form to the Department in order to have a state guaranty association make payments on my loss claim?
No. The state guaranty associations has access to the company claim files and will review your claim to determine if it is a covered claim on which payments may be due. If you are not certain that your claim is covered by a guaranty association and/or you wish to make a claim directly against the GIC receivership estate, you must submit a proof of claim form to the Department.
When is the Department sending out Proof of Claim forms?
The Department mailed 16,820 Proof of Claim forms on February 22, 2018 to policyholders, injured workers, employees, general creditors, premium finance companies and various government agencies. A second mailing will occur in March. The claim filing deadline is November 27, 2018.
Claim Evaluation Codes
Financial Statements
The following documents are provided as Adobe Acrobat PDF files and are best viewed using the free Adobe Acrobat reader software.
Related Documents
The following documents are provided as Adobe Acrobat PDF files and are best viewed using the free Adobe Acrobat reader software.
Court Documents
Notices
| Date | Title | Size |
|---|---|---|
| 07/03/2024 | Notice of Determination for Fifth Interim Claims Report | 74K |
| 06/11/2021 | Notice of Determination for Fourth Interim Claims Report | 101K |
| 12/30/2020 | Notice of Determination for Third Interim Claims Report | 101K |
| 02/11/2020 | Notice of Determination for Second Interim Claims Report | 95K |
| 06/25/2019 | Medicare Secondary Payer (MSP) Claimant Cover Letter with Affidavit | 231K |
| 12/21/2018 | Notice of Determination for First Interim Claims Report | 100K |
| 02/26/2018 | Patriot Audit Services- DFS Authorization Letter | 39K |
| 12/09/2017 | Notice to Attorneys | 3,812K |
| 12/05/2017 | Notice to Policyholders Concerning Liquidation (Spanish Version) | 21K |
| 12/01/2017 | Notice to Policyholders Concerning Liquidation | 46K |
| 11/28/2017 | Notice to Agents Concerning Liquidation | 52K |
| 11/28/2017 | Notice to Agents Concerning Liquidation (Spanish Version) | 21K |
Other
| Date | Title | Size |
|---|---|---|
| 03/20/2018 | Guarantee Fund Contact List - GIC | 100K |
| 12/05/2017 | Bank Fee Reimbursement Form | 120K |