After all remaining policies were canceled September 7, 2022, the SDR began calculating the unearned premium amounts due. These calculations have largely been completed, and unearned premium refund information for the majority of the policies has been sent to the guaranty associations. The guaranty associations will now follow their own procedures to validate data, process, print, and mail payment of unearned premium claims. The SDR is unable to provide an estimated timeline as to how long it will take the guaranty associations to mail unearned premium refund checks.
On August 8, 2022, Weston was placed in receivership and ordered into liquidation by the Second Judicial Circuit Court of Leon County, Florida (“the Court”) in case number 2022 CA 001378. Weston has been placed into receivership because the Florida Office of Insurance Regulation has determined that the company is insolvent and that there are sufficient grounds to institute delinquency proceedings. The Court’s order appointed the Department of Financial Services (“DFS”) of the State of Florida as Receiver, and Cantilo & Bennett, L.L.P. as Special Deputy Receiver (“SDR”). Together, the Receiver and the SDR administer the company in receivership.
The company has ceased issuing new insurance coverages and, pursuant to applicable law and court orders, Weston’s policies are cancelled effective 12:01 a.m. on September 7, 2022; unless otherwise terminated prior to that date. Any insurance policy you have with Weston will be terminated as of that date, and we encourage you to seek replacement coverage with another insurer if you desire to maintain your protection. WESTON POLICYHOLDERS ARE STRONGLY ADVISED TO CONTACT THEIR INSURANCE AGENTS PROMPTLY TO OBTAIN REPLACEMENT COVERAGE BEFORE COVERAGE TERMINATES UNDER WESTON’S POLICIES.
The cancellation of these policies does not avoid or cancel any existing claims you may have against Weston for insurance coverage, but the continuing obligation to pay such claims may have transferred to your state’s Property and Casualty Insurance Guaranty Association (“GA”). More details about GA coverage in the states in which Weston polices are covered can found at Guaranty Associations.
The kinds of claims which will be paid by GAs depends upon applicable law, and non-policyholder creditors of the estate will not be reimbursed by GAs, but from Weston’s own assets. As the receivership develops, a Proof of Claim (“POC”) and appeal process will be established to enable prospective claimants and creditors to register their claims to estate assets, subject to a Claims Filing Deadline and bar date (the date after which no more claims may be filed). The claims bar date has not yet been established, but the Claims Filing Deadline is August 8, 2023. For more information, please visit https://weston-ins-liquidation.com/