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Judge Approves $50 Million Recommendation Regarding Guaranty Association’s Claim

(August 15, 2016, 10:46 AM EDT) -- TALLAHASSEE, Fla. — A Florida judge on July 21 approved an insolvent insurer’s receiver’s recommendation regarding the Florida Insurance Guaranty Association’s (FIGA) claim for more than $50 million (In re: The Receivership of Magnolia Insurance Company, No. 2010-CA-1522, Fla. Cir., 2nd Cir., Leon Co.).

(Order available. Document #10-160826-018R.)

The Florida Department of Insurance petitioned the Leon County Second Judicial Circuit Court in April 2010, for an order appointing the department as receiver of Magnolia Insurance Co. (MIC).

The department said that MIC was insolvent and consented...
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