Florida Workers’ Compensation Insurer to Be Liquidated
A Florida judge has ordered First Commercial Insurance Co. and its subsidiary, First Commercial Transportation & Property Insurance Co., into liquidation, Florida’s Department of Financial Services said Wednesday, August 26.
The Florida Department of Financial Services has acted as the appointed receiver of FCIC and FCTPIC since July 10, when the companies consented to be placed in receivership for the purpose of rehabilitation.
Miami-based FCIC wrote workers’ compensation, commercial auto, general liability and multi-peril policies in Florida and Georgia, the Department of Financial Services said.
FCIC and its unit have approximately 18,000 in-force policies that are canceled effective September 23. The Department of Financial Services has been appointed receiver of both entities.