Liquidation of Castlepoint National Insurance Company
By: Robert W. Bannon II
Published: August 2017
On April 1, 2017, the Superior Court of the State of California ordered CastlePoint National Insurance Company ("CastlePoint"), a property and casualty insurer authorized to write insurance in NY, NJ and CT, into liquidation and appointed a Liquidator. CastlePoint consists of numerous other insurers that, prior to liquidation, were merged with or into CastlePoint, including: Tower Insurance Company of New York, Tower National Insurance Company, North East Insurance Company, Preserver Insurance Company, York Insurance Company and Kodiak Insurance Company. All direct insurance policies and contracts of insurance issued by Castlepoint were cancelled at 12:01 a.m. on the 1st day following the effective date of the Order of Liquidation or upon the specified expiration date, whichever is earlier. Claimants are barred from commencing actions against CastlePoint after the date of the liquidation order and pending actions against CastlePoint are stayed under further notice.
Policyholders or claimants may qualify for coverage by a state guaranty association or fund, which are created by state law to provide protection in the event of an insurer’s liquidation. All claims against CastlePoint, along with proof of such claims, must be filed with the Liquidator or a state guaranty association/fund on or before December 31, 2017 (“Claims Bar Date”). A copy of the liquidation order is available here. Additional information about this liquidation, including proof of claim process, is available here.
If you would like more information regarding this topic please contact Robert W. Bannon II at email@example.com, or call 914-607-6455.
Please understand that this column provides general information only, and should not be construed as legal advice to anyone under any circumstances. The author reserves the right to modify any questions submitted so as to broaden their appeal. While we encourage you to contact us, you should not disclose to us any information that you consider confidential unless and until we have formally established an attorney-client relationship, and agreed to represent you in your particular matter. Citations to legal authority have been omitted.