On January 24, 2018, Insurance Company of the Americas (“ICA”) was ordered into receivership for the purposes of liquidation by the Second Judicial Circuit Court in Leon County, Florida. The Florida Department of Financial Services (“Department”) is the court appointed Receiver of Insurance Company of the Americas.
ICA was licensed in Florida in 1976 as a domestic insurer. ICA was a workers’ compensation insurance company located in Lake Mary, Florida, but operated primarily out of Arizona. Prior to being placed into receivership, ICA had ceased writing new or renewal business as of April 2008, and had been servicing claims under previously written policies. Fewer than 12 claims are reported to be open at the time of liquidation.
POLICY ISSUES: ICA has no active policies. ICA has been licensed in the following states, but some of these were not active at the time of liquidation:
CLAIMS ISSUES: Claims Filing Deadline: Under the liquidation order, the deadline for filing claims in the ICA Receivership is July 24, 2018.
There are different processes for filing claims against ICA. Some claims are covered by guaranty associations and some claims can only be filed against the estate of ICA because guaranty associations do not cover them. Information regarding the method for filing claims in the liquidation proceeding will be available on the Department’s website at www.myfloridacfo.com/division/receiver in the near future.
With the entry of the liquidation order, the guaranty associations of the states where ICA wrote business are activated to help pay outstanding covered workers’ compensation claims for ICA policyholders. The processing and payment of pending workers’ compensation claims will be made in accordance with the statutes of each of the affected states. Contact your state guaranty association for additional details.
· Existing Claims: Please submit inquiries on existing claims to the Department at Consumer.Services@myfloridacfo.com or by calling (850) 413-3081 or toll free at 1-800-882-3054.
· New Claims: Please report new claims in writing to the Department at Rehab.ClaimsServices@myfloridacfo.com
If you have any non-claims related questions regarding the receivership, please contact the Department by email at Consumer.email@example.com or by calling (850) 413-3081 or toll free at 1-800-882-3054. Additional information regarding the receivership process is available on the Department’s website, www.myfloridacfo.com/division/receiver