Red Rock Insurance Company (formerly BancInsure, Inc)

Estate Overview

Case Number CJ-2014-4353

Receivership Date

08/21/2014

Liquidation Date

08/21/2014

Policies Terminated

09/21/2014

Deadline to file Proof of Claim

02/20/2015

Closure Date

To be determined

Assistant Receiver

Nestor Romero

Receivership Counsel

Meyer & Leonard, PLLC

Judge

Thomas E. Prince

Events and Information

06/27/2018 - Deadline Order Approved

The Oklahoma County District Court approved the Order Establishing Deadlines Relating to Receiver’s Seventh Report on Claims Evaluation and Setting Hearing Date for Receiver’s Seventh Report.

06/21/2018 - Seventh Report Filed

The Receiver filed the Receiver’s Seventh Report on Claims Evaluation and Request for Confirmation of Receiver’s Recommendations.

02/16/2018 - Sixth Report Approved in Part

The Oklahoma County District Court approved the Order Approving in Part Receiver’s Sixth Report on Claims Evaluation.

12/22/2017 - Deadline Order Approved

The Oklahoma County District Court approved the Order Establishing Deadlines Relating to Receiver’s Sixth Report on Claims Evaluation and Setting Hearing Date for Receiver’s Sixth Report.

12/21/2017 - Sixth Report Filed

The Receiver filed the Receiver’s Sixth Report on Claims Evaluation and Request for Confirmation of Receiver’s Recommendations.

09/22/2017 - Fifth Report Approved in Part

The Oklahoma County District Court approved the Order Approving in Part Receiver’s Fifth Report on Claims Evaluation.

06/27/2017 - Deadline Order Approved

The Oklahoma County District Court approved the Order Establishing Deadlines Relating to Receiver’s Fifth Report on Claims Evaluation and Setting Hearing Date for Receiver’s Fifth Report.

06/22/2017 - Fifth Report Filed

The Receiver filed the Receiver’s Fifth Report on Claims Evaluation and Request for Confirmation of Receiver’s Recommendations.

02/24/2017 - Fourth Report Approved in Part

The Oklahoma County District Court approved the Order Approving in Part Receiver’s Fourth Report on Claims Evaluation.

12/22/2016 - Deadline Order Approved

The Oklahoma County District Court approved the Order Establishing Deadlines Relating to Receiver’s Fourth Report on Claims Evaluation and Setting Hearing Date for Receiver’s Fourth Report.

12/22/2016 - Fourth Report Filed

The Receiver filed the Receiver’s Fourth Report on Claims Evaluation and Request for Confirmation of Receiver’s Recommendations.

08/05/2016 - Third Report Approved in Part

The Oklahoma County District Court approved the Order Approving in Part Receiver’s Third Report on Claims Evaluation and Confirming Receiver’s Recommendations.

06/24/2016 - Deadline Order Approved

The Oklahoma County District Court approved the Order Establishing Deadlines Relating to Receiver’s Third Report on Claims Evaluation and Setting Hearing Date for Receiver’s Third Report.

06/22/2016 - Third Report Filed

The Receiver filed the Receiver’s Third Report on Claims Evaluation and Request for Confirmation of Receiver’s Recommendations.

03/03/2016 - Second Report Approved in Part

The Oklahoma County District Court approved the Order Approving in Part Receiver’s Second Report on Claims Evaluation and Confirming Receiver’s Recommendations.

12/22/2015 - Second Report Filed

The Receiver filed the Receiver’s Second Report on Claims Evaluation and Request for Confirmation of Receiver’s Recommendations.

09/14/2015 - First Report Approved

The Oklahoma County District Court approved the Order Approving Receiver’s First Report on Claims Evaluation and Confirming Receiver’s Recommendations.

06/24/2015 - First Report Supplement Filed

The Receiver filed the Supplement to Receiver’s First Report on Claims Evaluation and Request for Confirmation of Receiver’s Recommendations.

06/23/2015 - Deadline Order Approved

The Oklahoma County District Court approved the Order Establishing Deadlines Relating to Receiver’s First Report on Claims Evaluation and Setting Hearing Date for Receiver’s Report.

06/22/2015 - First Report Filed

The Receiver filed the Receiver’s First Report on Claims Evaluation and Request for Confirmation of Receiver’s Recommendations.

04/20/2015 - Claims Filed Report

The Receiver filed the Receiver’s Report of Timely Filed Claims.

10/24/2014 - Combined Application Approved

The Oklahoma County District Court approved the Order Approving Receiver’s Combined Application for Approval of (A) Notice of Liquidation, (B) Form of Proof of Claim and Instructions, (C) Form of Unconditional Assignment and Application for Approval of Receiver’s Claims Reporting and Evaluation Plan.

08/21/2014 - Notice of Liquidation

A copy of the Notice of Liquidation uploaded.

08/21/2014 - Proof of Claim Form

A copy of the Proof of Claim form and Instructions uploaded.

08/21/2014 - Unconditional Assignment Form

A copy of the Unconditional Assignment form and Instructions uploaded.

08/21/2014 - Liquidation Order Approved

The Oklahoma County District Court approved the Order Placing Insurer Into Receivership and Liquidation, Appointing Receiver, and for Permanent Injunction.

08/21/2014 - Amended Order Approved

The Oklahoma County District Court approved the Amended Order Directing Insurer to Show Cause and Allowing Injunctive Relief.

08/01/2014 - Show Cause Order Approved

The Oklahoma County District Court approved the Order Directing Insurer to Show Cause and Allowing Injunctive Relief.

Liquidation Information

On August 1, 2014, the District Court of Oklahoma County, State of Oklahoma entered Order Directing Insurer To Show Cause And Allowing Injunctive Relief in Case No. CJ-2014-4353. The Insurer (Red Rock) was ordered to appear before a hearing set for 10:00 AM on August 21, 2014.

On August 21, 2014, the Oklahoma County District Court entered an Order Placing Insurer into Receivership and Liquidation, Appointing Receiver, and for Permanent Injunction in Case No. CJ-2014-4353.

Pursuant to the Order and in accordance with Title 36 OKLA STAT §2007, all policies of insurance with Red Rock Insurance Company (Red Rock) were terminated and coverage under said policies was cancelled effective no later than Sunday, September 21, 2014 at 12:01 a.m. This order did not extend coverage beyond any previous cancellation date, but did supersede any cancellation or non-renewal effective after September 21, 2014. Also, any policies in a lapse state at the Date of Liquidation were not reinstated.

On October 24, 2014, the Oklahoma County District Court entered an Order Approving Receiver’s Combined Application for Approval of (A) Notice of Liquidation, (B) Form of Proof of Claim and Instructions, (C) Form of Unconditional Assignment and Application for Approval of Receiver’s Claims Reporting and Evaluation Plan.

Policyholders, claimants and creditors having claims against Red Rock Insurance Company should have filed a Proof of Claim form, together with proofs of loss with the Assistant Receiver no later than February 20, 2015. Proof of Claim forms received after February 20, 2015 will lose their statutory priority and may not receive a distribution of assets.

Policies without the potential for “covered claims” as defined by the Oklahoma Property and Casualty Guaranty Association Act or by a similar organization in any other state were cancelled effective as of the Date of Liquidation.

For the protection of policyholders, the Order of Liquidation activated the State Guaranty Funds in the states where Red Rock was licensed to do business. It is believed that most claimants will be protected by their State Guaranty Fund subject to statutory limitations.

Questions about your policy or claim may be directed to (505) 944-0058.