CastlePoint National Insurance Company was found insolvent and ordered into liquidation on 4/1/2017. The court appointed liquidator will forward open claims to each State Guarantee Fund. The California Insurance Guarantee Association (CIGA) anticipates receiving all the open California claims from the liquidator within 30-days of the liquidation date.
If your insurance company goes bankrupt and you have a claim, CIGA may be able to help.
CIGA is a limited fund set up by California law to pay for some, but not all types of claims. However, there are certain requirements your claim must meet to be covered by CIGA.
What is the California Insurance Guaranty Association (CIGA)?
CIGA is a not-for-profit, unincorporated, statutorily created association that pays certain covered claims of insolvent insurance companies' policyholders and claimants. Guaranty associations exist in every state. California state law requires all licensed property and casualty insurance companies that issue policies for covered lines of insurance in the State of California be a member of CIGA.
CIGA handles only certain property, casualty, and workers compensation claims. CIGA does not cover obligations arising from mortgage guaranty, financial guaranty, fidelity/surety insurance, credit insurance, title insurance and ocean marine insurance.
What is the role of CIGA?
CIGA exists to ease the burden on policyholders of and claimants against an insolvent insurer, by picking up where your insurance company left. CIGA administers covered claims following the liquidation order and finding of insolvency. Generally, the coverage CIGA provides is up to the limits set by the policy or by statute, whichever is less.
Workers' Compensation Claims
If you have an existing claim that was open prior to CastlePoint National Insurance Company being ordered into liquidation on 4/1/2017, or need to file a new claim for a date of injury under a policy issued by CastlePoint National Insurance Company, please reach out to us.
If your California workers’ compensation claim was open at the time of liquidation, the court appointed liquidator is expected to forward it to CIGA. If your claim was closed at liquidation or you are filing a new claim, CIGA will need to reach out to the court appointed liquidator on your behalf to request your claim to be sent to us or to request a new claim to be created and sent to CIGA.
Liability Claims
If you have an existing claim that was open prior to CastlePoint National Insurance Company being ordered into liquidation on 4/1/2017, or need to file a new claim for a date of injury under a policy issued by CastlePoint National Insurance Company, please reach out to us.
If your claim was open at the time of liquidation, the court appointed liquidator is expected to forward it to CIGA. If your claim was closed at liquidation or you are filing a new claim, CIGA will need to reach out to the court appointed liquidator on your behalf to request your claim to be sent to us or to request a new claim to be created and sent to CIGA.
Premium Refund
If your policy with CastlePoint National Insurance Company was cancelled before its maturity or expiration date because of CastlePoint National Insurance Company being ordered into liquidation on 4/1/2017, you may be eligible for a refund of unearned premium. Please reach out to us and prove your policy number and the best way for us to contact you.
CIGA will need to reach out to the court appointed liquidator to receive policy information on your specific policy before eligibility for a premium refund can be determined.
For persons or organizations with outstanding issues such as subpoenaing records, request for loss runs or matters unrelated to a claim or policy, CIGA as California’s insurance guarantee fund may not be able to assist you. You may need to reach out to the court appointed liquidator/receiver, who is the custodian of records for CastlePoint National Insurance Company ordered into liquidation/receivership on 4/1/2017.
CastlePoint National Insurance Company
Conservation and Liquidation Office
https://www.caclo.org
(415) 676-5000
info@caclo.org
Please note the last day to file a proof of claim (POC) with the liquidator/receiver is 12/31/2017.