Maidstone Policies Cancelled Despite Moratorium
Despite the current moratorium on property-casualty insurers terminating policies, all policies issued by insolvent carrier Maidstone Insurance Co. cancelled on April 13. New York State Supreme Court in Nassau County ordered on February 13 that Maidstone be liquidated due to its inability to meet its obligations to pay claims. The New York State Department of Financial Services was appointed as the liquidator. The order also required all Maidstone policies to be cancelled effective April 13. Big I New York contacted the DFS recently to ask whether the department would petition the court to delay the effective date of cancellation, given the current moratorium. The department…