News

Update from the State of Delaware Bureau of Rehabilitation and Liquidation

(added 11/22/13)

On November 7, 2013, Indemnity Insurance Corporation, RRG (IICRRG) consented to an entry of a Rehabilitation and Injunction Order by the Delaware Court of Chancery. IICRRG is a market that was used by RCA Insurance Group and is the carrier with whom this policy is placed. Please carefully review the linked documents pertaining to this situation. 

News Release provided by IICRRG
Rehabilitation and Injunction Order

There are many details yet to be determined and disclosed, but after some research we understand the following information to be true at this time:

• The November 7th date starts a period of 60 days where the Delaware Department of Insurance will review IICRRG status at the end of which they will determine if IICRRG can continue under rehabilitation or if they will proceed with liquidation.
• All funds of the company have been frozen including claim settlements and return premiums for a period of 60 days from the date of the order.
• New claims will be investigated and handled by the IICRRG claims staff.

Should the situation deteriorate, please be reminded that as a Risk Retention Group, IICRRG would not be covered by the state’s guaranty fund. We will work diligently to keep you informed of any additional changes that may occur, but would suggest you also monitor the situation carefully.

Finally, Tuscano does have alternative markets for almost all of this business but would need you to initiate the remarketing of business mid-term. However, please understand that should the policy be cancelled, we have no control over return premiums. Please feel free to contact us with any questions you may have regarding this situation.