Florida Insurance Commissioner Kevin McCarty sent CFO Alex Sink a letter on April 7 stating that Northern Capital Insurance Co. is insolvent. The company has less than $4 million in surplus. Northern Capital wrote homeowners' insurance with a large concentration of the risk in Dade, Broward, and Palm Beach counties. Receivership and liquidation are expected soon. Once a company is ordered into liquidation, policyholders have 30 days to find new coverage. If they cannot find coverage in the voluntary market, there is always Citizens Property Insurance Corp. — alongside a million other homeowners.
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