Full text of legislative history behind the Post Assessment Property and Liability Insurance Guaranty Association Model Act.
District of Columbia Post Assessment Property and Liability Insurance Guaranty Association Model Act Legislative History
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FAQ
The purpose of this Guaranty Association is to assure that policyholders will be protected, within limits, in the unlikely event that a member insurer becomes financially unable to meet its obligations.
The Oregon Life & Health Insurance Guaranty Association was created by the Oregon legislature in 1975 to protect state residents who are policyholders and beneficiaries of policies issued by an insolvent insurance company, up to specified limits.
For purposes of administration and assessment, the association shall be divided into three separate accounts: A. The workers' compensation insurance account; B. The automobile insurance account; and C.
The state insurance commissioner gives insurance guaranty associations their powers. Most of these organizations are funded with the money they collect from conducting assessments of member insurers. The total payout in most states is capped at $300,000 per individual.
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.
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.
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.
