Division of. Rehabilitation Liquidation. & AnnuAL RepoRt. Florida Department of Financial Services

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1 Division of Rehabilitation Liquidation Florida Department of Financial Services & AnnuAL RepoRt 2013

2 Mission Statement Manage receiverships so as to maximize value to claimants and the public. Vision Statement To be the most respected and trusted receivership operation in the world. Service Value Statements The Receiver s long and continuing tradition of public service is supported and sustained by a highly skilled and diverse workforce that responds rapidly and successfully to changes. Accountability As an organization and as individuals, we accept full responsibility for our performance and acknowledge our accountability for the ultimate outcome of all that we do. Teamwork The Receiver promotes and reinforces a corporate perspective and challenges its employees to work cooperatively across internal and external organizational boundaries. Excellence The Receiver strives for continuous improvement, believing that competence, reliability, efficiency and effectiveness are the keys to excellence. Diversity Capitalizing on the varied experiences of its workforce is the key to the Receiver s continued success. Integrity The Receiver performs its work with the highest sense of integrity, which requires the agency to be, among other things, honest and fair. The Receiver can accommodate the honest difference of opinion; it cannot accommodate the compromise of principle. Integrity is measured in terms of what is right and just, standards to which the Receiver is committed.

3 Message from the Chief Financial Officer Jeff Atwater The mission of the Department of Financial Services Division of Rehabilitation and Liquidation is to protect Florida s insurance consumers in the event that their insurance company goes into receivership protecting policyholders is always the number one priority. The Division works to assist troubled companies return to financial stability, and when a company must enter liquidation, guides all involved parties toward the most beneficial conclusion. This report details information regarding companies entering receivership, distributions made to claimants, and company closures during Fiscal Year We have also highlighted the Division s achievements and ongoing commitment to improving our service to fellow Floridians. In keeping with our number one priority, the Division has continued to improve the transition for policyholders, claimants, and company employees affected by a receivership by seeking replacement coverage and assisting with new employment. Thank you for taking the time to review this report. Sincerely Jeff Atwater Chief Financial Officer State of Florida 1

4 Message from the Division Director C. Sha Ron James We are pleased to present the Division of Rehabilitation and Liquidation s Annual Report. This year s retooled Annual Report highlights the Division s accomplishments and the key measures used to assess the Division s performance as Receiver. As in years past, one of the areas of focus for the Division during the previous fiscal year has been to implement strategies that directly and positively impact claimants and we have made great strides to meet this goal. Real-life examples that demonstrate the implementation of these strategies are highlighted throughout the report. We are guided by the Division s mission to manage receiverships so as to maximize the value to claimants and the public in the most effective and efficient manner. As of June 30, 2013, there were 43 insurers in receivership in Florida 39 in liquidation and 4 in rehabilitation. The State of Florida fared well during the 2013 hurricane season. However, five companies were placed into receivership during the fiscal year four of which provided health coverage and one title insurance company. In addition to managing a number of complex new estates, distributions totaling over $37,000,000 were made to the claimants and policyholders in 10 receiverships. We are also pleased to report that 10 receiverships were closed during the year, more than any year since 2000 and twice the annual average. During the coming fiscal year, we will continue working towards achieving our strategic goals and objectives, which include our efforts to shorten the lifecycle of estates in receivership and improve the cost-effectiveness of all Division operations by containing costs, increasing recoveries, and optimizing the value of receiverships estates by promoting a seamless transition for policyholders, claimants, and company employees affected by a receiverships. For more information about insurance company receivership, please visit our website at: Again thank you for your interest in the Division of Rehabilitation and Liquidation. 2

5 Table of Contents Appendices 3

6 Division Overiew Role of the Division The role of the Division of Rehabilitation and Liquidation is to perform the Department of Financial Services duties as court-appointed Receiver of insurance companies ordered into receivership to protect consumer interests. In this capacity, the Division as Receiver administers the affairs of a company placed into receivership by the Court s conservation order, rehabilitation order, or liquidation order, pursuant to chapter 631, Florida Statutes. Insurance companies are exempted from federal bankruptcy jurisdiction and are instead subject to state law regarding receivership. Under Florida law, the Second Judicial Circuit Court in Leon County, Florida, (hereafter referred to as the Receivership Court or the Court ) has jurisdiction over insurance company receivership matters. This Division Annual Report provides a brief look at the role of the Division of Rehabilitation and Liquidation (interchangeably referred to as the Receiver ) and the overall receivership process (see Figure 1). The glossary at the end of this report contains definitions of conservation, rehabilitation, and liquidation proceedings, however a brief summary of these legal proceedings may be useful at this point. Major tasks associated with a conservation order include taking control of and protecting the property of the insurer, which is the primary purpose of conservation proceedings. Major tasks associated with a rehabilitation order include taking control of and protecting the property and assets of the insurer, conducting the business of the insurer, and formulating a plan to remove the causes and conditions necessitating the rehabilitation. The rehabilitation is successful when the insurance company meets the solvency criteria set forth in chapter 624, Florida Statutes, and the Receivership Court, after finding that the causes that required rehabilitation have been removed, issues an order to discharge the Receiver from its duties and close the rehabilitation receivership. When a liquidation order is issued, the insurance company is closed, all outstanding polices are cancelled, and the process of collecting and selling the company s assets begins. The goal of liquidation is to use the money acquired from selling the company s assets to pay off the company s debts and outstanding insurance claims. Major tasks associated with liquidation orders include marshaling and liquidating insurer assets; identifying and paying claims; distributing assets to claimants; and responding to consumer inquiries about the receivership process. 4

7 PRE-RECEIVERSHIP Financial Services Commission Office of Insurance Regulation Insurance Company Insurance Company Regulation Receivership Recommendation Florida Department of Financial Services Department Petitions for Receivership Order Appointing Department as Receiver Division of Rehabilitation and Liquidations Administers the Receivership Receiver Reports to the Court Second Judicial Circuit Court in Leon County, FL Insurance Company in Receivership POST-RECEIVERSHIP Figure 1 Roles of the State and the Court in Insurance Company Receiverships 5

8 Structure and Activities The Division of Rehabilitation and Liquidation is one of 13 divisions within the Florida Department of Financial Services. The Division performs its duties under the supervision of a Deputy Chief Financial Officer who, in turn, reports directly to the Chief Financial Officer. Beginning in Fiscal Year the Division will perform its duties under the supervision of the General Counsel. The current Division Director is C. Sha Ron James. Figure 2 illustrates a portion of the structure of the Florida Department of Financial Services. Chief Financial Officer Chief of Staff General Counsel Deputy Chief Financial Officer Deputy Chief Financial Officer Deputy Chief Financial Officer Division of Rehabilitation and Liquidation Figure 2 Partial View of DFS Organizational Chart Including the Division of Rehabilitation and Liquidation 6

9 The Division is divided into eight functional areas (see Figure 3), each headed by a manager who reports to the Division Director or to the Assistant Division Director. Division staff includes 121 managerial, professional, and clerical personnel. Of the 121 Division positions, 103 are located in Tallahassee and 18 are located in Miami. The Miami Office primarily performs an auxiliary collections function as part of the Asset Recovery and Management Section. Miami Office employees also assist staff from Tallahassee during the initial stages of a receivership in addition to providing legal support as needed. Division of Rehabilitation and Liquidation Office of the Division Director Accounting Services Section Administrative Services Section Asset Recovery and Management Section Claims Section Estate Management Section Information Technology Services Section Legal Services Section Human Resources/ Organizational Development Section Figure 3 Division of Rehabilitation and Liquidation Organizational Structure 7

10 Tasks The core processes of the Division acting as a Receiver, under the direction of the Receivership Court, are illustrated in Figure 4. The process starts when the Receivership Court places an insurance company in receivership for purposes of conservation, rehabilitation, or liquidation. In the company takeover stage, the Division moves to take physical possession of the company s assets, offices, records, and other property. The Division then immediately attempts to determine the true financial status of the company. Under an order of rehabilitation, the Division seeks to remedy the problems that resulted in the entry of the rehabilitation order, typically financial impairment or insolvency. Every effort is made to assist the company in developing a financial plan for acquiring new funds, merging with other companies, selling parts of the business, hiring new management or taking other remedial options. All such activities are subject to close scrutiny and final approval by the Receivership Court. If rehabilitation is unsuccessful, the Receiver will petition the Receivership Court for an order of liquidation. At that time, the Division starts the company asset recovery phase, which involves marshaling all available assets and determining all liabilities of the company in an attempt to ascertain the net value of the estate. During this phase, the Division will control and process all of the business functions of the company in receivership and will recover company assets. The asset recovery stage will sometimes overlap with the claims processing stage. The claims processing stage begins when notification of the company s liquidation is provided to all those with interest in the estate, including policyholders, creditors, and guaranty associations. Claims against the estate are received by the Division and evaluated by the Claims Section. Distribution of payment to legitimate claimants is dependent upon the recommendation of the Receiver, approval by the Receivership Court, and the availability of funds in the estate. Insurance guaranty associations may be intricately involved in this claims processing stage by paying some of the policyholder and third-party claims of the failed insurance company. A great deal of communication and cooperation is required between the Receiver and these associations. Following the distribution of money to claimants, legal pleadings are filed that ultimately lead to the discharge of the company from receivership. It is during this company discharge phase that unclaimed property reporting and the final financial reporting for the estate is performed. The company discharge phase is complete when the Receivership Court issues an order discharging the Receiver from all duties, obligations and liabilities in the administration of the receivership. 8

11 Legal Pleadings Court-ordered Company Rehabilitation or Liquidation Legal Pleadings Company Takeover Identify & secure company assets Control & process business functions Deliver company assets to receivership Legal Pleadings Company Asset Recovery/Asset Management Acquire delinquent company assets Maximize assets returned to receivership Legal Pleadings Claims Processing Acquire claimant information Proof-of-claim processing (liquidation only) Guaranty fund processing (liquidation only) Legal Pleadings Company Discharge Determination of existing company assets In rehabilitation, either return the company to sound financial condition or convert the receivership to liquidation Distribution of payments to claimants Abandoned property reporting Company financial reporting Legal Pleadings Court-ordered Company Discharge from Receivership Figure 4 Division s Core Processes 9

12 Financial Update Division Funding The assets of the companies placed into receivership primarily fund the Division s administrative expenses in its role of Court-Appointed Receiver. Much of the overall cost of managing receiverships is paid for by recoveries from the estates that are in receivership, supplemented by funds from the state. The Receiver maintains staff that is paid from receivership funds. The contractual nature of receivership employment allows the Division s management to expand or downsize staff as necessary with the fluctuation of the number of estates being administered. Employee Welfare Expense $113,713 Fringe Benefits $2,382,087 Travel Expense $76,512 Administrative Expense $76,512 Receiver Labor $5,700,000 Rent Expense $947,784 Professional Services $695,012 Equipment Expense $385,060 Financial Expense $294,862 Capital Outlay Totals $309,468 Figure 5 Division s Receivership Budget for Fiscal Year 10

13 Risk Management <1% OPS Employees $34,771 Expenses $110,627 Contracted Services $232,517 Salaries and Benefits $592,690 Operating Capital Outlay <1% Transfer to DMS & HR <1% Figure 6 State Budget FY The Division s state budget is funded from fees such as licensing fees for insurance agents and insurance companies, penalties, fines, and restitutions collected by the Department of Financial Services. These funds are deposited into the Insurance Commissioner s Regulatory Trust Fund. The budget supports seven state positions, technological improvements that benefit future receivership estates, and receivership expenses incurred when the Division is appointed Receiver. The Division s Fiscal Year state budget of $976,475 is a continuation budget to fund many duties that are not directly related to administering a receivership estate (and, therefore, cannot be funded by the estate), but that are required by statute or by the regulatory aspects of the Division s mission. When not administering an estate, the Division is functioning as an executive branch agency as opposed to acting as an agent of the judicial branch. Figure 5 displays the Division s Receivership Budget for the Fiscal Year, and Figure 6 gives an overview of the Division s state budget. 11

14 Accomplishments Division Highlights During Fiscal Year : The Division maintained thirty-nine companies in liquidation and four companies in rehabilitation. Five new companies were placed into receivership, including Universal Health Care, Inc. and Universal Healthcare Insurance Company one of the largest healthcare companies ever placed into Receivership in Florida. Ten companies were closed, more than twice the annual average. Figure 7 represents the number of companies discharged during the last five fiscal years, which shows a sharp increase during Fiscal Year The Division distributed $36.5 million in early access from ten different estates during the fiscal year. The Division has placed a great deal of emphasis on developing strategies to shorten the lifecycle of estates in receivership, thereby purposefully increasing the number of estate closures during this fiscal year. 12 Number of Companies Discharged During the Last 5 Fiscal Years Figure 7 Number of Companies Discharged During the last 5 Fiscal Years 12

15 Early Access Pursuant to section (3)(a), Florida Statutes, to secure funds necessary for the payment of covered property and casualty claims and to pay the reasonable costs of claims administration, the Florida Insurance Guaranty Association, Inc. ( FIGA ) is required, as necessary, to levy assessments in a proportion that is equal to each insurer s net direct written premiums in Florida for the preceding calendar year for the type of insurance being assessed divided by the total of the net direct written premiums received in Florida from all insurers for the preceding calendar year for the type of insurance that is being assessed. Pursuant to statute, the assessments levied against each insurer cannot exceed more than 2% of an insurer s net direct written premium from the previous year for the kind of insurance being assessed. When such assessments are made, insurers are allowed to recoup their portion of the assessment from their policyholders as a part of their policy premium, pursuant to section , Florida Statutes. Similar statutory requirements for assessment against the members of Florida s other guaranty associations are found as follows: Section , Florida Statutes, establishes the assessment authority of the Florida Life and Health Insurance Guaranty Association ( FLAHIGA ); Section , Florida Statutes, establishes the assessment authority of the Florida Health Maintenance Organization Consumer Assistance Plan ( FHMOCAP ); and Section , Florida Statutes, establishes the assessment authority of the Florida Workers Compensation Insurance Guaranty Association, Inc. ( FWCIGA ). Section , Florida Statutes, allows the Division to advance funds to Florida s guarantee associations including, FIGA, FWCIGA, and similar associations in other states, as deemed appropriate, for the administration and payment of covered claims. These advances are referred to as early access distributions and must be approved by the Court. Early access evaluation is performed twice a year in order to maximize the amount distributed while taking care to reserve enough of the estate s assets to cover the expected claims distributions and the costs related to claims administration, asset recovery, and pending litigation. There is a benefit to the public when the Division makes regular and substantial early access distributions to the guaranty associations. Each dollar the Division supplies to the guaranty associations for claims administration and payment is a dollar the funds will not have to assess their member insurers, which, in turn, helps hold down the cost of policies to the insurance buying public by not having a portion of an assessment reflected in premiums. 13

16 Key Performance Indicators The Division s key performance indicators are performance measures designed to evaluate the Receiver s success in specific areas. Key performance indicators align with the Division s mission to manage insurance receiverships so as to maximize the value to claimants and the public. The critical success factors tied to key performance indicators are to protect the integrity of insurance policies for consumers and to timely communicate with policyholders, agents, and claimants. Appraised Value of Real Property In Fiscal Year , Asset Recovery sold five parcels for $12,558,000, which was percent of the appraised value. This is the highest percentage of appraised value realized from real property sold since Fiscal Year The target is 93 percent. Figure 8 provides the percentage of appraised value realized from real property sold for the last five fiscal years % 90.00% Percentage of Appraised Value Realized From Real Property Sold Calculated by Fiscal Year (Target: Above 93%) Percent of Appraised Value 80.00% 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% 0.00% % 94.61% 85.80% 99.87% FY FY FY FY FY Figure 8 Percentage of Appraised Value Realized From Real Property Sold Calculated by Fiscal Year 14

17 Administrative Costs In Fiscal Year , the Asset Recovery section made recoveries for various estates totaling $34,420,752. The recovery efforts included reinsurance collections, claim subrogation, policy premium collection, unearned commission collection, rental income, real property profit, and Special Disability Trust Fund recoveries. The recovery efforts were made utilizing a combination of in-house staff members and contracted collection attorneys. The process for reinsurance recovery uses a combination of inhouse staff and contract providers who specialize in this arena. However, the Asset Recovery Section has assumed a larger role in recent liquidations based on the size and complexity of the reinsurance coverage for the estate to better manage the overall cost of recovery. This allows for the maximum amount of recovery for the company. During Fiscal Year the administrative costs for the amounts recovered was $2,466,601, or 7.17 percent. The target for administrative expenses to fall below is 15 percent lower is better. Figure 9 shows the administrative costs as a percentage of amounts recovered for the last five fiscal years % Administrative Costs as Percentage of Amounts Recovered (Target: Below 15%) Percent of Amounts Recovered 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 6.49% 6.46% 9.38% 8.39% 7.17% Figure 9 Administrative Costs as a Percentage of Amounts Recovered for last five fiscal years. 15

18 Strategic Initiatives and Results The Division s current Strategic Plan is in effect through Consistent with Chapter 631, Florida Statutes, the mission of the Division is to manage insurance receiverships so as to maximize value to claimants and the public. Figure 10 shows outcomes associated with some of the Division s strategic initiatives during Fiscal Year Outcomes Associated with Division s Strategic Initiatives Activity Outcome Strategic Initiative: Optimize the Value of Estates In Recievership Evaluation of Claims: The claims section improved data migration, developed evaluation plans to anticipate evaluation tasks and staffing, and tracked the results of evaluation plan activities to better project future claims activities. Evaluation of Guaranty Association Master Claims: The claims section established a methodology to reduce fluctuation in the evaluation of guaranty association master claims due to reserve and payment changes over time Assessment of the Florida Title Insurance Industry: The Asset Recovery section worked with the Office of Insurance Regulation ( OIR ) to issue and to administer the assessment per the requirements of Section , Florida Statutes for the National Title Insurance Company receivership. Turnaround time reduced to 3.8 years from the 6.5 years four-year average Cost savings in excess of $1.4 million $212, was assessed and collected Tax Recovery on the Northern Capital Insurance Company Estate (NCIC): The Recovery $4 million in taxes Accounting and Legal Sections conducted an analysis and determined previously paid taxes could be recovered on NCIC. The Division facilitated cooperation from the parent company to secure recovery. Strategic Initiative: Strengthen Communication and Coordination with the Division s Business Partners. Guaranty Associations: The Receiver continued to work with guaranty associations to identify and implement paperless work initiatives, standardize data reporting, and streamline claims information transfer processes. 300 boxes of imaged paper claims destroyed Implementation of UDS D standardized electronic reporting More automated synchronization of claimant data Strategic Initiative: Improve the Cost Effectiveness of All Divisions Operations. Building Lease Renewals: The Administrative Services section negotiated lease renewals for the Miami Office and Tallahassee Warehouse Cost savings of over $390,000 realized over the term of the leases Strategic Initiative: Promote a Seamless Transition for Policyholders, Claimants, and Company Employees Affected by a Receivership. Notice of Determination (NOD) to Claimants: The Claims section focused on earlier evaluation of claims to decrease the likelihood that claimants will move and necessitate a change of address. NODs successfully delivered increased to 86% from the average of 78% for the previous four fiscal years. This is expected to increase the delivery rates for distribution funds and decrease unclaimed property. Figure 10 Outcome Associated with the Division s Various Strategic Initiatives 16

19 Focus on FY 2013/2014 Development of Modern Claims System During Fiscal Year the Information Technologies Services section and the Claim section successfully completed the request for information process for business analysis and requirements definition services related to the development of a new Claims Processing system to replace the Division s current system. The Information Technologies Services section finalized a contract with a custom software development provider to drive a detailed business analysis and requirements definition process as input into the development of a new system. The output from this exercise will allow the Division to proceed to the next step in development of an efficient, easier to use, modern system which will more easily integrate with other internal Division systems. The goal is to more efficiently manage the claims administration process for receivership companies in liquidation and to improve efficiencies in Division operations through further integration of internal systems and implementation of new technology. Evaluation of Guaranty Association Master Claims Where possible, the timing of the evaluation of a guaranty association s master claim will be aligned to a date that minimizes fluctuations in the value of the claim over time due to reserve and/or payment changes. Where this is not feasible, an alternative checkpoint will be established to ensure that a previously reported claim is reassessed as close to distribution as possible in order to account for any fluctuation in the value due to reserve changes. Checkpoints will be established to identify guaranty association claim amounts that may impact projected evaluation, distribution and closure dates. Records Storage Reduction To reduce the records storage needs of the Division, the Records Management area of the Administrative Services section was able to destroy over 30,000 boxes of obsolete records at our warehouse during Fiscal Year With continued efforts, cost savings will be realized in space reductions. Positive Pay The Accounting Section continued to make improvements to its positive pay processes. Positive pay is a method whereby information for disbursements (payee, check number, amount, and check date) is communicated in advance to the Receiver s bank. That way, if any inappropriate payee tries to negotiate a check, it will be immediately rejected. The Accounting Section, in cooperation with the IT section, will further tighten internal controls by implementing positive pay on the Receiver s general operating and general disbursement accounts during the first half of Fiscal Year Performance Management During Fiscal Year the Human Resources section began planning for implementation of a new performance management system, Cornerstone. The new system will assist Division employees in setting S.M.A.R.T. (Specific, Measureable, Attainable, Relevant, Time-Bound) performance expectations, tracking performance progress, and conducting performance appraisals. 17

20 Significant Events Companies Placed in Receivership AvaHealth d/b/a/ Key Insurance Plan ( AvaHealth ) On August 31, 2012, AvaHealth was ordered into receivership for purposes of liquidation. AvaHealth was previously ordered into receivership for purposes of rehabilitation effective July 2, AvaHealth, a Florida corporation licensed in 2005, was headquartered in Tampa, Florida. The company was authorized to transact business in the state of Florida as a domestic insurer. AvaHealth wrote health insurance in Florida and had approximately 1,200 policies in-force as of the time of liquidation. Depawix Depawix was incorporated in Georgia with offices in Atlanta, GA and Jacksonville, FL but was not licensed in either state. It issued health insurance in Florida without a Certificate of Authority. Despite the absence of any Certificate of Authority or any other authorization to transact insurance business in Florida, the Depawix companies engaged in the unlicensed and unauthorized transaction of insurance with consumers located in Florida, in violation of the Florida Insurance Code, sections and , Florida Statutes. These companies marketed group and individual health insurance plans to small businesses and individuals, both directly and through licensed and unlicensed insurance agents under the guise of selling an employment opportunity with Depawix that provided medical benefits. Pursuant to the information received from the Department of Financial Services, Division of Agent and Agency Services, approximately 290 Florida consumers purchased insurance through Depawix. Each such transaction constitutes the unauthorized transaction of insurance. The company consented to receivership and was placed into liquidation as of June 11, K E L Title ("KELTIG") On October 30, 2012, KELTIG consented to and was ordered into receivership for purposes of rehabilitation. KELTIG, a Florida corporation licensed in 2007, was headquartered in Orlando, Florida. The company wrote title insurance policies in Florida only. KELTIG has written approximately 14,000 title insurance policies in Florida. KELTIG is no longer writing new insurance coverage, except for the issuance of policies for which the closing on real property occurred on or before October 12, The company s existing policies are not cancelled by the rehabilitation order and will continue in the ordinary course of business. The Receiver closed KELTIG s office on December 18,

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