An updated bulletin from New Jersey’s Property Liability Insurance Guaranty Association states that it “is gathering claim files for Legion/Villanova Insurance and has now started to review them.”
The two companies are currently being administered by the Pennsylvania Insurance Department, and were ordered into liquidation on July 25,2003. The PID has appealed the court’s order.
Most of the claims left are third-party and most of the first-party claims have been paid, said the announcement. It noted that there is a stay of litigation for 120 days from July 25, 2003, for claims requiring litigation. The PLIGA said this “allows them time to review the files, respond and set up defense. Unearned premiums will be covered but the liquidator will determine what is due and advise PLIGA to make the disbursement. Unearned premiums would not be paid for several years.”
New Jersey’s Compensation Rating and Inspection Bureau is handling the workers’ compensation claims and the liquidation order stated the claims would be paid without interruption. “NJCRIB has received the 1,500 claim files; 75 percent of them have been reviewed and claimants are receiving benefits,” said the bulletin. It added that it had initially “received many calls” and is working to “keep payment of benefits uninterrupted.”
The NJCRIB does not cover unearned premiums. It advised for unearned premiums and audit issues, “the insureds must make claims against the estate of the company with the liquidator. Once the liquidator issues the notice of loss forms, it is important the insured complete and return the form prior to the final date.”
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