Company Information - Exotic Warranty Company ("Exotic")
Name of Company:
The Exotic
Warranty Company
Date of Liquidation:
April
12,
2006
Policy Cancellation Date:
April
12, 2006
Claims Filing Deadline:
October
12, 2007
Guaranty Association:
None
Type of Coverage:
Unauthorized
Insurer
State of Domicile:
Florida
Status of Receivership:
Closed
Date of Discharge:
June 5, 2009
On April 12, 2006,
The Exotic Warranty Company ("Exotic") was ordered into receivership for
purposes of liquidation by the Second Judicial Circuit Court in Leon County, Florida ("Court").
The Florida Department of Financial Services is the court appointed Receiver
of Exotic.
Exotic, a Florida corporation since January 2003, was headquartered in
Bradenton, Florida. Investigation by the Florida Office of Insurance
Regulation and the Florida Department of Financial Services discovered that
Exotic was selling motor vehicle service agreement contracts
("warranties"), an insurance product. Exotic was not
licensed to conduct insurance business in Florida and was therefore considered an unauthorized insurer.
At the time of liquidation, Exotic provided car, boat and RV warranties
to over 1,000 warranty owners in at least 43 states and four foreign countries. By court order, the warranties are cancelled
effective April 12, 2006. The Receiver sent notices of the liquidation proceeding and warranty contract
cancellation to all known warranty owners and the dealerships that handled the sales of these contracts. There is no guaranty
association coverage for claims arising under either unauthorized insurers or motor vehicle service agreements.
Receivership Status Update - 6/5/09
Since the company was ordered liquidated, the Receiver has pursued all available avenues in
order to recover funds that would allow the Receiver to pay the claims filed in this receivership. Unfortunately, the only asset
that is available to the Receiver in this estate is a final judgment that was entered against the owner of the company, Mr. Ben
Evans, on September 26, 2006. To date, Mr. Evans has chosen not to pay on the judgment. It may take years before a recovery, if any,
is made on the judgment. For this reason, the Receiver has closed this estate in an effort to minimize administrative expenses.
However, should a substantial portion of this judgment be recovered, the Receiver will consider reopening the estate to make a
distribution. The Receiver has worked diligently to recover funds in this receivership and is disappointed that we are unable to
make a distribution. In the event the Receiver is able to collect on the final judgment against Mr. Evans, we will contact
claimants in the estate.
For questions or comments regarding this website, please click
here.
CONSUMER HELPLINE 1-800-882-3054
Division of Rehabilitation and
Liquidation · 2020 Capital Circle SE Alexander Bldg Ste
340 · Tallahassee, FL 32301-0110
· Legal Notices
Under Florida law, e-mail addresses are public records. If you do not want your e-mail address released in response to a public records request, do not send electronic mail to this entity. Instead, contact this office by phone or in writing. Public records from the Department of Financial Services are available by request.
Public Records Request
