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LIQUIDATION ORDER

On February 10, 2014, Professional Liability Insurance Company of America ("PLICA") was found to be insolvent and placed into liquidation proceedings by the Supreme Court of the State and County of New York. PLICA did business in Texas as Medical Liability Insurance Company of America ("MLICA").  The Texas Commissioner of Insurance has issued an order designating Professional Liability Insurance Company of America doing business in Texas as Medical Liability Insurance Company of America as an impaired insurer, triggering the obligations of the Texas Property and Casualty Insurance Guaranty Association ("TPCIGA") to handle Texas claims for certain policy losses of the company.  The liquidation will be administered by the New York Liquidation Bureau ("NYLB").  

INSURANCE POLICY & COVERAGE INFORMATION

PLICA had previously stopped writing new policies, and the liquidation is not expected to necessitate the cancellation of any in-force policies.  However, a statutory claim filing deadline will bar any new claims reported after August 10, 2015, including claims under medical liability tail policies.  Policyholders with tail coverage should contact their insurance agent or broker in order to obtain replacement coverage for claims reported after the claims filing deadline.  The Texas Department of Insurance website offers an FAQ for consumers regarding policies and coverages.

NEW & PENDING LOSS CLAIMS INFORMATION

We are advised that there are no pending Texas claims.  Reports of new claims or requests to reopen claims should be directed to the NYLB by calling Ms. Alix Kerestes at (212) 341-6670 or by email to akerestes@nylb.org.

UNEARNED PREMIUM

To date, we are not aware of any claims for unearned premium; however, if any arise, they will be processed as soon as possible after TPCIGA receives all necessary financial information from the SDR.  It is not necessary to file a claim for unearned premium.

LAWSUITS & STAY OF LITIGATION

All lawsuits against PLICA are permanently stayed by order of the New York court.  All lawsuits in which PLICA d/b/a MLICA was obligated to defend a party are automatically stayed for a period of six months, or until August 10, 2014, 2014, per TEX.INS.CODE §462.309.   

LIQUIDATOR

Contact:

Ms. Alix Kerestes

(212) 341-6670

akerestes@nylb.org


New York Liquidation Bureau

110 William Street

New York, NY 10038-3901 NYLB

Phone (212) 341-6400

Fax (212) 964-7963

inquiry@nylb.org


More information is available through the Liquidator's website at www.nylb.org


Information as of 04/04/2014


Professional Liability Insurance Company

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Information on this site is not legal advice and is not intended to be a comprehensive statement of the law or of the TPCIGA's policies and procedures.  References to the laws of any jurisdiction are for informational purposes only and are not a substitute for the official version of a statute. TPCIGA makes no warranty as to the accuracy or reliability of the content of this website or other related websites.  


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