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The Real Estate Guaranty Fund, administered by the Department of Consumer Protection, can reimburse consumers who suffer financial losses in unscrupulous real estate transactions.
Insurance guaranty associations provide protection to insurance policyholders and beneficiaries of policies issued by an insurance company that has become insolvent and is no longer able to meet its obligations. All states, the District of Columbia, and Puerto Rico have insurance guaranty associations.
What is the purpose of the Guaranty Fund? To reimburse actual losses of money or property suffered as a result of theft, embezzlement, false pretenses, forgery, fraud or misrepresentation.
Guaranty associations pay the claims of policyholders of an insolvent company when that company's assets become insufficient to meet their obligations to policyholders. The money used to pay these claims comes from assessments made against all insurance companies that are members of the respective guaranty association.
A state guaranty fund is administered by a U.S. state to protect policyholders in the event that an insurance company defaults on benefit payments or becomes insolvent. The fund only protects beneficiaries of insurance companies that are licensed to sell insurance products in that state.
The Guaranty Fund is funded through assessments against member insurers made after a member insurer is declared insolvent by a court of law. These funds are used to pay valid claims, as well as administrative expenses.
Funds to pay claims, administrative costs and other guaranty association obligations are raised by mandatory "assessments" on insurance companies licensed to issue the same lines of insurance as the problem company. For example, automobile insurers provide the money to pay claims when an automobile writer fails.
A guarantee fund provides a loan or credit guarantee, i.e. it enables a borrower to approach a bank for a loan. Guarantees are particularly useful for borrowers who do not have sufficient collateral, such as land or other assets. Small borrowers almost always lack (sufficient) collateral.