If your clients were unlucky enough to be insured by First Keystone Risk Retention Group you must notify them of the group’s liquidation, which was ordered on Oct. 21 by a South Carolina judge—even if they’ve already been contacted by the liquidator.
As required by South Carolina law, where First Keystone is organized and licensed, agents must notify policyholders of the liquidation within 15 days of the order of liquidation, unless Michael J. FitzGibbons, of FitzGibbons and Company, Inc., Scottsdale, Ariz., the liquidator, waived the requirement.
The order also notes that notice by a general agent satisfies the notice requirement for any agents under contract to the general agent.
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
