Weston Property & Casualty Insurance Company (“Weston”), in Receivership for Liquidation
INFORMATION REGARDING GUARANTY ASSOCIATIONS
Subject to applicable law, Weston’s former insurance policies may qualify for continuing claims payments through your state’s guaranty association. A guaranty association is a nonprofit corporation statutorily created to provide a mechanism for the payment of policy related loss claims and unearned premium when an insurance company is liquidated. The guaranty association’s obligations are limited by statutory provisions and caps.
During receivership, guaranty associations are responsible for adjusting policy related loss claims. Although the SDR has already transmitted the majority of necessary information to the guaranty associations, the SDR continues its efforts to transmit all such information.
Some individuals may hold claims for the return of insurance premiums which remain unearned at the time of policy cancellation. Depending on where your Weston-insured property is located, unearned premiums may be covered by the applicable state property and casualty insurance guaranty association which has been activated to help pay claims of Weston policyholders. In general, unearned premium claims are covered by the guaranty associations of Florida, Texas, Louisiana, and Mississippi. If the guaranty association of the state in which your property insured by Weston is located DOES NOT cover unearned premium claims, your unearned premium claim will be deemed filed against the receivership.
After all remaining policies were canceled September 7, 2022, the SDR began calculating the unearned premium amounts due. Now that the above-referenced calculations have largely been completed, the majority of that information has been sent to the guaranty associations for the processing and payment of unearned premium claims.
It is possible your return premium claim may not be covered by a guaranty association depending on applicable law, if the refund due is in excess of the maximum payable amount per statute, or if you have a net worth in excess of the statutory cap. If this is the case, you will have a claim in the estate. We will deem your return premium claim filed in this estate. This means policyholders are not required to submit Proof of Claim forms in order to have timely filed return premium claims.
You can find more information about your state’s Guaranty Association at:
- Florida Insurance Guaranty Association – https://figafacts.com
- Louisiana Insurance Guaranty Association – www.laiga.org
- Mississippi Insurance Guaranty Association – https://ms-miga.com
- Texas Property and Casualty Insurance Guaranty Association – www.tpciga.org