11/18/2009
On November 18, 2009, Park Avenue Property and Casualty Insurance Company (f/n/a Providence Property and Casualty Insurance Company) became the subject of a Consent Order of Liquidation with a Finding of Insolvency and Permanent Injunction (“The Order”). The Order gives the Oklahoma Insurance Commissioner, Kim Holland, as Liquidator, full power, possession and control over the assets, business and affairs of Park Avenue Property and Casualty Insurance Company (Park Avenue), including all of the property, contracts, rights of action and books and records.
Pursuant to Oklahoma law, the Park Avenue insurance policies will be cancelled no later than 11:59 pm on Friday December 18, 2009.
For the protection of policyholders, the Order of Liquidation activates the state guaranty associations in the twenty-eight (28) states where Park Avenue is licensed to do business. During the interim period prior to the state guaranty associations taking over the claim payment process, the Liquidator will continue to make indemnity claim payments to policyholders as they become due, including the reissuance of checks that were not honored when the bank accounts were initially frozen.
If you have questions regarding claim payments, you may call 1.888.339.5736, extension 6986.
If you have questions regarding the liquidation process in general, you may contact Mark Tharp, Assistant Receiver, at 1.800.388.2427.