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The American Guaranty Fund Group is handling existing claims for the now-insolvent Guarantee Insurance Co., the fund’s chief operating officer, Tom Streukens, told Business Insurance on Monday.
“We are in the process of working with regulators in Florida so we can pick up the claims and start handling them,” he said. “We are well into that process now.”
Florida insurance regulators took over Fort Lauderdale-based Guarantee in November after declaring the company insolvent and have started liquidating its assets, a spokesman for the Department of Financial Services told Business Insurance on Nov. 30.
Guarantee was licensed in 40 states and the District of Columbia, and wrote business in 31 states and the District of Columbia at the time of liquidation; it had approximately 8,600 active policies as of Nov. 13, including 1,250 in Florida, according to the spokesman, who said the respective state guaranty associations will take over the claims.
Companies have until Dec. 26 to acquire new workers comp coverage, Mr. Streukens said, adding that companies in Florida that were once insured by Guarantee will be insured through the fund until then.
“We want to minimize any interruption,” he said.
Florida’s Office of Insurance Regulation is asking the state’s chief financial officer to initiate delinquency proceedings against an insurer underwriting workers compensation, claiming the company “is impaired or insolvent” or “is about to become insolvent,” according to a letter issued Friday.