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- On February 16, 2023, Michael Yaworsky, the Interim Commissioner of the Florida Office of Insurance Regulation, found that UPC was “insolvent.” This means that UPC can’t pay all of its obligations, such as policyholder claims. UPC must now bring its business to an end and pay claims and bills with available money and assets.
www.tdi.texas.gov › consumer › upc-liquidation-FAQFAQ for policyholders of United Property & Casualty Insurance ...
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What happened to UPC insurance?
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Mar 28, 2023 · Our company is bankrupt. So, where are we getting our money? Who are we turning to?” That’s where the Florida Insurance Guaranty Association comes in. “If an insurance company becomes...
Feb 28, 2024 · FIGA took on more than 12,000 UPC claims related to Hurricane Ian. Right now, there are about 1,650 claims pending. That means about 87% have been closed over the past year.
- General Information
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1. Is UPC still in business?
No. On February 27, 2023, UPC was ordered to end its operations. 1. 1.1. UPC was placed in receivership and ordered into liquidationby the Second Judicial Circuit Court of Leon County, Florida. 1.2. The case number is 2023-CA-000320. 1.3. This order appointed the Department of Financial Services of the State of Floridaas Receiver.
2. Why does UPC need to end its operations?
On February 16, 2023, Michael Yaworsky, the Interim Commissioner of the Florida Office of Insurance Regulation, found that UPC was “insolvent.” This means that UPC can’t pay all of its obligations, such as policyholder claims. UPC must now bring its business to an end and pay claims and bills with available money and assets.
3. What is the status of my UPC policy?
UPC’s insurance policies will be canceled effective 12:01 a.m. on March 29, 2023.If you are a policyholder, this is when your policy will end unless your policy ends earlier than that day under the terms of your policy.
10. How will the guaranty association pay claims under a UPC insurance policy?
If you live in Texas: The Texas Property and Casualty Insurance Guaranty Associationwill pay covered claims for policies issued to Texas residents. This is subject to limits and other exclusions. If you don’t live in Texas: Your state’s guaranty association will pay covered claims for policies issued to their residents. This is subject to limits and other exclusions. You can find information about your state’s guaranty association on the National Conference of Insurance Guaranty Funds’ website.
11. What happens if I filed a loss claim with UPC?
The Texas Property and Casualty Insurance Guaranty Associationwill send notices to people who have open claims on file with UPC after it receives the claim files. It may take some time before the guaranty association receives the information needed to contact you.
12. How do I contact the Texas Property and Casualty Insurance Guaranty Association?
Phone: 512-345-9335 or toll-free 800-856-0298 Fax: 512-345-9341 Email: info@tpciga.org Mailing address:TPCIGA, 9120 Burnet Road, Austin, TX 78758
13. How do I contact the Florida Department of Financial Services or the Special Deputy Receiver?
Florida Department of Financial Services, Division of Rehabilitation and Liquidation: Phone: 850-413-3081 or toll-free at 800-882-3054 Website: www.myfloridacfo.com/division/receiver For more information, contact: FIN-GM@tdi.texas.gov
Feb 20, 2023 · “UPC was heavily concentrated in the Southwest Florida region and received approximately 25,000 claims from Hurricane Ian with a gross estimated loss of over $1 billion,” reads a statement...
Aug 1, 2023 · After UPC Insolvency, Parent Company Rebrands to American Coastal Insurance. By William Rabb | August 1, 2023. Six months after its namesake insurance carrier was deemed insolvent, United ...
Aug 25, 2022 · The situation also could mean that UPC won’t be able to stay above water much longer, won’t be able to pay claims, and will be forced into insolvency and receivership within days, Friedlander...
Feb 28, 2023 · Bankrupt Florida property insurer placed into receivership. Insurer becomes latest casualty of the turbulent market. Insurance News. By Lyle Adriano. Feb 28, 2023 Share. Florida regulators...
