Full text of legislative history behind the Insurers Rehabilitation and Liquidation Model Act.
Georgia Insurers Rehabilitation and Liquidation Model Act Legislative History
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US-AF02
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If an insurance company is declared insolvent, expect the state guaranty association and guaranty fund to swing into action. The association will transfer the insurer's policies to another insurance company or continue providing coverage itself for policyholders.
Role of the Insurance Commissioner The commissioner also has the responsibility to determine when an insurance company domiciled in the state should be declared insolvent and to seek authority from the state court to seize its assets and operate the company pending rehabilitation or liquidation.
It may be possible to insure against the risk of counterparty insolvency. Credit risk insurance provides cover against non-payment by customers or borrowers. To trigger cover, it is usually necessary for the non-payment to be due to a specified cause, such as commencement of insolvency proceedings.
The Insolvency Pool needs money to operate. The law creating the Pool makes insurance companies pay into the Pool to makes sure there are funds available when an insurance company goes insolvent.
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.
An insolvency clause is a clause holding a reinsurer liable for its share of loss assumed under a treaty, even though the primary company has become insolvent.