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PARK
AVENUE PROPERTY AND CASUALTY INSURANCE COMPANY
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).&nbs= p; 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 AssociationR= 17;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 <= u>notice of cancellation has been distributed by the Assistant Recei= ver to Policyholders and Certificate Holders of PAPC. As stated in the Notice of Cancell= ation, 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.st= ate.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 laws= uits 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 availabl= e at http://www.okaro.org You may also co= ntact 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