On August 15, 2014, Freestone Insurance Company (“Freestone”) became the subject of a Liquidation and Injunction Order with Bar Date filed July 18, 2014 in the Court of Chancery of the State of Delaware. The Order appoints the Commissioner of Insurance for the State of Delaware as Receiver (“Receiver”) for Freestone and grants the Receiver full power, possession and control over the assets, business and affairs of Freestone, including all of the property, contracts, rights of action and books and records. The Receiver has appointed George Piccoli as the Deputy Receiver.
In accordance with the Liquidation and Injunction Order with Bar Date, which was entered on July 22, 2014, and is effective as of August 15, 2014, all insurance policies of Freestone Insurance Company will be cancelled in accordance with the terms of the Liquidation and Injunction Order with Bar Date. Please read Paragraph 14 on pages 8 through 10 of the Liquidation and Injunction Order with Bar Date for more details concerning the policy cancellations. In the interim, policies are still subject to cancellation for nonpayment of premium or other policyholder/insured noncompliance with the terms and conditions of the policy.
For the protection of the policyholders, the Order activates the state guaranty associations in the states where Freestone was licensed to do business.