PARK AVENUE PROPERTY AND CASUALTY INSURANCE COMPANY

(FORMERLY KNOWN AS PROVIDENCE PROPERTY AND CASUALTY INSURANCE COMPANY)

LIQUIDATION ORDER

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A Final Order of Liquidation was issued by the Oklahoma County District Court of the State of Oklahoma on November 20, 2009 for the purpose of liquidating Park Avenue Property and Casualty Insurance Company (PAPC).  The Liquidation Order contains a finding of insolvency for the company and appoints Oklahoma Insurance Commissioner Kim Holland as Receiver of PAPC in order to liquidate the company.  The Liquidation Order also appoints Mark D. Tharp as Assistant Receiver for the company.  The Oklahoma court order, along with an Order of Impairment issued by the Texas Insurance Commissioner, triggers the Texas Property and Casualty Insurance Guaranty Association’s (TPCIGA) handling of claims for certain policy losses and unearned premiums of PAPC.  PAPC was licensed to do business in Texas and policyholder claims for benefits are expected to be directed to the TPCIGA by the Assistant Receiver

INSURANCE POLICY & COVERAGE INFORMATION

A notice of cancellation has been distributed by the Assistant Receiver to Policyholders and Certificate Holders of PAPC.  As stated in the Notice of Cancellation, policyholders should immediately attempt to obtain replacement coverage effective no later than December 18, 2009.  The Texas Department of Insurance website offers an FAQ for consumers regarding policies and coverages at:

http://www.tdi.state.tx.us/consumer/

It is our understanding that policyholders in Texas with PAPC automobile insurance policies may have been notified by the BAJA Insurance Agency that coverage originally placed with the “Providence P & C Ins. Co.” has been changed to ICM Insurance Company.  The Oklahoma liquidation order acknowledges Providence Property and Casualty Insurance Company to be the former name of PAPC.

NEW & PENDING LOSS CLAIMS IN FORMATION

Policyholders should continue to notify PAPC of claims under normal reporting procedures, including the reporting of new claims as well as lawsuits pertinent to in-force policies of the company.  The Assistant Receiver is arranging for the transfer of loss claims files to TPCIGA for handling.  Policyholders and claimants are requested to forgo contacting TPCIGA for at least 30 to 60 days from the date of this notice in order to allow sufficient time for the files to be transferred.  The TPCIGA will be unable to discuss the status of pending claims until such time as the files have been transferred.

The Special Deputy Receiver has a website with more information available at http://www.okaro.org   You may also contact the Assistant Receiver’s office at 1-800-388-2427.

ADDITIONAL INFORMATION

This page will be updated with additional information as it becomes available (including hyperlinks to some of the documents cited).

Information as of 12/18/2009

The purpose of our website is to provide general information about the Texas Property and Casualty Insurance Guaranty Association.  If you have any questions that are not answered here, you should call, write or email us (refer to Contact page).  For a definitive statement of the laws governing the TPCIGA, you must refer to the Guaranty Act and the decisions interpreting it.  The information contained here is subject to change in the event that the Legislature enacts amendments to the Guaranty Act.  If there is any inconsistency between this site and any applicable law, then such law will control. We offer links to other websites but do not guaranty the accuracy or completeness for the data.

©Texas Property and Casualty Insurance Guaranty Association
9120 Burnet Road  Austin, TX 78758