June 1, 2008 Deadline

The Florida Statutes which relate to the settling of claims by FIGA and the statute of limitations as to FIGA are as follows:

     95.11(5)(d) Actions other than recovery of real property shall be commenced as follows:  WITHIN ONE YEAR-An action against any guaranty association and its insured, with the period running from the date of the deadline for filing claims in the order of liquidation.
     
     631.68 Limitation:  certain actions.--A covered claim as defined herein with respect to which settlement is not effected and suit is not instituted against the insured of an insolvent insurer or the association within 1 year after the deadline for filing claims, or any extension thereof, with the receiver of the insolvent insurer shall thenceforth be barred as a claim against the association and the insured.

The liquidation order entered by Leon Circuit Court on May 31, 2006 established a June 1, 2007 deadline for filing claims with the Receiver: (http://www.fldfs.com/Receiver/company_pdf/Southern_Family_Liq_Order.pdf). Therefore, the deadline for all claims to be settled, or for suit to be filed is June 2, 2008 (June 1, 2007 is a Sunday).

Any appraisal award on an APIC, FPPIC or SFIC claim must be entered prior to June 2, 2008, or a written agreement of settlement must be agreed to by both parties.

About

The Florida Insurance Guaranty Association establishes and maintains a service-oriented operation for processing covered claims of insolvent members. FIGA is a nonprofit corporation created by the Florida Legislature in 1970. FIGA services pending claims by or against Florida policyholders of member insurance companies which become insolvent and are ordered liquidated. FIGA’s membership is composed of all Florida licensed direct writers of property or casualty insurance.

FIGA’s personnel are trained and developed to deliver fast, fair and professional claim service. The operation is directed towards early recognition and payment of those covered claims which must be resolved to avoid hardship or financial difficulties to the insureds or claimants involved. The Association requires that its independent claim service contractors and defense attorneys provide this same quality and level of service

Vision Statement

To be recognized nationally as the model guaranty fund by demonstrating a strong positive influence on guaranty fund practices throughout the country.

Mission Statement

Provide security and continuity during the liquidation process by administering the payment of claims for the benefit of Florida residents.