A Leon County Circuit Court Judge has ordered Florida Select Insurance Company into rehabilitation according to Tom Gallagher, Florida’s CFO. Under the order, the company’s 70,000 homeowners policies are not cancelled at this time and the company may continue to write new and renewal business while the department reviews its financial situation.
Judge Thomas Bateman ordered Florida Select Insurance Company into rehabilitation as a result of the expiration of its reinsurance on June 30.
The judge also appointed the Department of Financial Services as receiver for the company. As receiver for a company in rehabilitation, the department steps in to administer the insurer’s operations and assets, and to help the insurer gain financial strength to continue to doing business.
“Our first priority is to the policy holders, and making sure they have coverage during the hurricane season,” Gallagher, who oversees DFS said. “This action will protect homeowners while conserving the company’s assets, with the goal of helping it regain enough financial strength to actively compete for business.”
Gallagher said that Florida Select policyholders should continue to pay premiums in order to maintain their coverage.
Policyholders who need to report a new claim can contact 1-888-700-0101. Policyholders who would like to check on the status of an existing claim should contact 1-888-617-1145. For all other inquiries, consumers may visit the company’s website at www.floridaselect.com or call Florida Select’s helpline at 1-888-700-0101. Additional information is available through the DFS at www.floridainsurancereceiver.org or 1-800-882-3054.
Source: Florida Department of Financial Services
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