On August 26, 2013, Gramercy Insurance Company was found to be insolvent and placed into liquidation proceedings by the 53rd District Court of Travis County, Texas. The Texas Commissioner of Insurance has issued an order designating Gramercy as an impaired carrier, triggering the obligations of the Texas Property and Casualty Insurance Guaranty Association (TPCIGA) to handle Texas claims for certain policy losses of Gramercy. The liquidation will be administered by the Texas Department of Insurance through its Special Deputy Receiver (SDR), Resolution Oversight Corporation.
INSURANCE POLICY & COVERAGE INFORMATION
The SDR will send notice to Gramercy policyholders advising of the termination of any remaining in-
NEW & PENDING LOSS CLAIMS INFORMATION
Gramercy handled most of its claims through two Third-
At this time it is anticipated that TPCIGA will allow the TPAs to continue to handle loss claims on its behalf. Claimants and insureds should continue to contact the TPA adjusters who have been previously assigned to their claims. TPCIGA does not yet have any claims information and cannot discuss the status of pending claims.
If you have uninsured motorists' (UM) coverage through another carrier, that insurance is now primary and you should contact your carrier to make a claim. UM and all other forms of available insurance, including health benefits, must be exhausted before TPCIGA can consider payment of your claim.
Claims for unearned premium 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 your unearned premium.
LAWSUITS & STAY OF LITIGATION
All lawsuits against Gramercy are permanently stayed by order of the Travis County District Court. In addition, all lawsuits in which Gramercy was obligated to defend a party are automatically stayed for a period of six months, or until February 26, 2014, per TEX.INS.CODE §462.309.
SPECIAL DEPUTY RECEIVER (SDR)
Ernesto A. Garza
Resolution Oversight Corporation
P. O. Box 2077
San Antonio, TX 78297-
Phone (210) 490-
Fax (210) 764-
More information is available through the SDR's website at www.GICReceivership.com
Information as of 08/29/2013
Gramercy Insurance Company
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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