Liquidating an annuity
For condominium and homeowners’ association claims the cap will be the lesser of policy limits or 0,000 multiplied by the number of units in the association. All claims are subject to a 0 FIGA deductible in addition to any deductible identified in your policy.You may file a claim against the assets of the insurance company estate for the 0 deductible and for amounts over the cap.FIGA, coordinating with the receivers of the liquidating companies, work hard to avoid delays but it is not uncommon for delays of 30-60 days after the order of liquidation. FIGA is designed as a safety net to pay certain claims arising out of policies issued by licensed insurance companies.FIGA does not pay non-policy claims or claims of self-insured groups, or other entities that are exempt from participation in the guaranty association system.
By paying these claims, guaranty associations protect policyholders and claimants.You may contact any licensed insurance agent to get the names of other insurers.For homeowner’s insurance information in the State of Florida, you may contact the Florida Market Assistance Plan at 800-524-9023.The Liquidator then develops a plan to distribute the company’s assets according to the law and submits the plan to the Court for approval.In most cases, an estate will not yield sufficient money to pay claims in full; and most are not able to pay claims in a timely manner.