Florida - June 1, 2008 Deadline for claims handled by FIGA

The Florida Statutes which relate to the settling of claims by FIGA and the statute of limitations as to FIGA are as follows:

95.11(5)(d) Actions other than recovery of real property shall be commenced as follows:  WITHIN ONE YEAR-An action against any guaranty association and its insured, with the period running from the date of the deadline for filing claims in the order of liquidation.

631.68 Limitation:  certain actions.--A covered claim as defined herein with respect to which settlement is not effected and suit is not instituted against the insured of an insolvent insurer or the association within 1 year after the deadline for filing claims, or any extension thereof, with the receiver of the insolvent insurer shall thenceforth be barred as a claim against the association and the insured.

The liquidation order entered by Leon Circuit Court on May 31, 2006 established a June 1, 2007 deadline for filing claims with the Receiver: (http://www.fldfs.com/Receiver/company_pdf/Southern_Family_Liq_Order.pdf). Therefore, the deadline for all claims to be settled, or for suit to be filed is June 2, 2008 (June 1, 2007 is a Sunday).

Any appraisal award on an APIC, FPPIC or SFIC claim must be entered prior to June 2, 2008, or a written agreement of settlement must be agreed to by both parties.