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Message
Insurance Company Liquidation Notice- What do I do now?
Posted on 3/29/13 at 1:38 am
Posted on 3/29/13 at 1:38 am
I need some input as I really do not know anything about how insurance companies operate. In November I was involved in an auto accident, where the other driver was at fault. The other driver was going about 45mph, and hit the right rear quarter panel of my car, spun me 180 degrees, and severely damaged my car. Turns out the other driver had very cheap state minimum coverage. I started experiencing some neck issues about two days later, and as a result began care through an orthopedic MD, and was diagnosed with some bulging of the disks. Have been undergoing PT, and a medication regimen that has greatly improved the situation. I haven't submitted any of the medical bills to the insurance company yet, as I was told to wait until end of treatment (by insurance company). They were of course aware that I was seeking treatment for the injuries.
Fast forward to today and I received a letter from the Commissioner of Insurance of the state of GA, acting as liquidator that is a "NOTICE OF LIQUIDATION for the insurance company which has been declared insolvent" and gives details on cancellation of policies, and a date to file claims to be considered in liquidation proceedings.
Question being is what is likely to happen as a result of this? I am not seeking a payday or pain and suffering and that nonsense, but was expecting that the treatment bills would at least be paid by them, as the policyholder was at fault, and they were extremely speedy in repairing my property damage...Am I just SOL at this point or should I just fill out the form that was included with the letter? Is this something I need a lawyer for this to have a happy outcome? Any input would be greatly appreciated, I am freaking out right now about this. Thanks!
TL;DR :
Hit by another driver and injured, have been seeing doctor, and going thru PT (Have not had lawyer up though this point, and just expected to be reimbursed for medical expenses) Get letter today from insurance commissioner with notice of liquidation due to insolvency...What do I do from here, and is there any way this can have a successful outcome for me?
Fast forward to today and I received a letter from the Commissioner of Insurance of the state of GA, acting as liquidator that is a "NOTICE OF LIQUIDATION for the insurance company which has been declared insolvent" and gives details on cancellation of policies, and a date to file claims to be considered in liquidation proceedings.
Question being is what is likely to happen as a result of this? I am not seeking a payday or pain and suffering and that nonsense, but was expecting that the treatment bills would at least be paid by them, as the policyholder was at fault, and they were extremely speedy in repairing my property damage...Am I just SOL at this point or should I just fill out the form that was included with the letter? Is this something I need a lawyer for this to have a happy outcome? Any input would be greatly appreciated, I am freaking out right now about this. Thanks!
TL;DR :
Hit by another driver and injured, have been seeing doctor, and going thru PT (Have not had lawyer up though this point, and just expected to be reimbursed for medical expenses) Get letter today from insurance commissioner with notice of liquidation due to insolvency...What do I do from here, and is there any way this can have a successful outcome for me?
This post was edited on 3/29/13 at 1:40 am
2
Posted on 3/29/13 at 9:05 am to J311slx
Show the letter to your lawyer.
You'll probably have to sue someone to get your money, but there's no guarantee you'll get it.
If the insurance company went bankrupt, and the guy who hit you is also broke, you can't squeeze blood from a turnip.
You'll probably have to sue someone to get your money, but there's no guarantee you'll get it.
If the insurance company went bankrupt, and the guy who hit you is also broke, you can't squeeze blood from a turnip.
Posted on 3/29/13 at 9:48 am to smilodonfatalis
file a UM claim with your carrier.
Posted on 3/29/13 at 4:28 pm to J311slx
quote:
Insurance Company Liquidation Notice- What do I do now?
Ok, I went out of my way to find out which company you were talking about (You're welcome)
First thing you need to do is contact the proper Guaranty Association:
Georgia Insurers Insolvency Pool
2177 Flintstone Drive, Suite R
Tucker, Georgia 30084
770-621-9835
They will direct you how to proceed. Come back to this thread after you contact them if you still think you need an attorney.
DO NOT CONTACT AN ATTORNEY before you talk to them. An attorney is not needed in 99% of these situations (Any Property/Casual attorney reading this can frick themselves if they disagree, you ought to be ashamed of yourselves, you scum sucking bottom feeding mother frickers).
Posted on 3/29/13 at 9:27 pm to Vols&Shaft83
quote:
file a UM claim with your carrier.
let them deal with the guaranty if there is one. good luck.
quote:
Any Property/Casual attorney reading this can frick themselves if they disagree, you ought to be ashamed of yourselves, you scum sucking bottom feeding mother frickers
tell us how you really feel about PI lawyers
This post was edited on 3/29/13 at 9:29 pm
Posted on 3/29/13 at 10:40 pm to Vols&Shaft83
quote:
Ok, I went out of my way to find out which company you were talking about (You're welcome)
Thank you so much for your advice, it is greatly appreciated. (I didn't think it was relevant which company it was, was more just asking if the insurance commision covered situations like this, and if the claims ever got paid afterwards. Thank you sincerely for spending time looking into it, but yea it was Southern Casualty
) I am not sure if I made it clear in my first post, but I have not received any kind of agreement to pay from them at this point, or any type of settlement offer. Again, thank you so much for the time, and effort. I am going to contact them Monday and will report back if I need further advice!
quote:
You'll probably have to sue someone to get your money, but there's no guarantee you'll get it.
If the insurance company went bankrupt, and the guy who hit you is also broke, you can't squeeze blood from a turnip
This was my big concern, and I was originally worried about what would happen if insurance wouldn't cover her. I was slightly relieved with how easy it was to get them to cover the property damage part, but now get this crappy news.
Posted on 3/30/13 at 8:50 pm to smilodonfatalis
quote:
If the insurance company went bankrupt
An insurance company by law cannot declare bankruptcy. They can be declared insolvent. Meaning they cannot cover their liabilities with their cash flow and have to be liquidated. Every insurance company also has to insure each policy they issue if they do not have sufficient assets to cover potential losses. It's called reinsurance.
There is plenty of money to cover the OP's losses, it's just not going to be as quick as it normally would. No need to get an attorney at this point, I'm assuming he's not talking about a $1,000,000.00 + claim here.
Posted on 3/30/13 at 8:52 pm to fatboydave
quote:
tell us how you really feel about PI lawyers
I would, but tomorrow is an ancient Pagan Symbol of Fertility day (Easter), and it might anger Jesus.
Posted on 3/30/13 at 9:35 pm to Vols&Shaft83
If all you want are the property damage and medical bills covered then no, you don't need an attorney.
If you think you are entitled general damages at all -- good luck. If PI Lawyers are scum, insurance adjusters are pure evil.
If you think you are entitled general damages at all -- good luck. If PI Lawyers are scum, insurance adjusters are pure evil.
This post was edited on 3/30/13 at 9:36 pm
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