Full text and statutory guidelines for the Post Assessment Property and Liability Insurance Guaranty Association Model Act.
District of Columbia Post Assessment Property and Liability Insurance Guaranty Association Model Act
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US-AE01
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FAQ
The maximum payable on any claim by the OIGA is the lesser of your policy limits or $300,000. The maximum payable on any claim for unearned premium is $10,000. We do not pay any claim, including any unearned premium claim, which does not exceed $100.00.
An insurance guaranty association is a state-sanctioned organization that protects policyholders and claimants in the event of an insurance company's impairment or insolvency.
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.
Examples of the types of insurance that fall under the guaranty fund are automobile, homeowners, liability and workers' compensation insurance.
You say the guaranty funds pay these claims. Where do they get the money to pay them? Guaranty funds largely are funded by industry assessments, which are usually collected following insolvencies.
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.
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.
$100,000 in net cash surrender or withdrawal values for life insurance. $300,000 in disability income (DI) insurance benefits. $300,000 in long-term care (LTC) insurance benefits.
