Full text of legislative history behind the Post Assessment Property and Liability Insurance Guaranty Association Model Act.
Arkansas Post Assessment Property and Liability Insurance Guaranty Association Model Act Legislative History
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How to fill out Post Assessment Property And Liability Insurance Guaranty Association Model Act Legislative History?
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FAQ
The guaranty association's coverage of insurance company insolvencies is funded by post-insolvency assessments of the other guaranty association member companies. These assessments are based on each member's share of premium during the prior three years.
The model law is drafted by state insurance regulators, with assistance from NAIC staff. Throughout the drafting process, public meetings are held and input is sought from interested parties, including industry representatives and consumer groups.
21 states have passed NAIC Model Laws as of . The following map depicts which states.
Once an insurer has been declared insolvent, the insurance department determines the value of the company's remaining assets. It then calculates the amount of money the guaranty association will need to pay claims. This amount is assessed by insurers.
The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia, and five U.S. territories.
What are model laws? The NAIC model law development process helps provide uniformity while balancing the needs of insurers operating in multiple jurisdictions with the needs of consumers.
The NAIC model law development process helps provide uniformity while balancing the needs of insurers operating in multiple jurisdictions with the needs of consumers.
However, it should be clarified that the NAIC does not actually create laws. Whether the states choose to adopt model legislation or come to some sort of overall consensus is up to them. There's no obligation for the states to enact the NAIC model laws or guidelines.