Full text and statutory guidelines for the Post Assessment Property and Liability Insurance Guaranty Association Model Act.
Indiana Post Assessment Property and Liability Insurance Guaranty Association Model Act
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FAQ
A guaranty fund (or guaranty association) is an organization established by state law. Its purpose is to protect policyholders from insurer insolvencies. It pays claims an insurer would have paid had it not become financially impaired.
The Indiana Association was created by law to protect (subject to certain limitations) policy benefits of certain policyholders in the event of the financial failure of one of those insurance companies.
What is the Vermont Life & Health Insurance Guaranty Association? The Vermont Life & Health Insurance Guaranty Association was created by the Vermont legislature in 1971 to protect state residents who are policyholders and beneficiaries of policies issued by an insolvent insurance company, up to specified limits.
A) The purpose of the Indiana Life and Health Insurance Guaranty Association is to protect Indiana's policyholders if an insurer becomes insolvent or impaired. B) The aggregate liability of the Association is not to exceed $300,000 in total benefits, including cash values, with respect to any insured individual.
PPCIGA is an association of insurers licensed to write property and casualty insurance on a direct basis in The Commonwealth of Pennsylvania. Subject to statutory limits, PPCIGA assumes the insurance policy obligations of licensed insolvent insurers in Pennsylvania for residents and/or property located in the state.
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.
For purposes of administration and assessment, the Association must maintain 2 accounts: (1) The life insurance and annuity account, which includes the following subaccounts: (a) Life Insurance Account; (b) Annuity account, which shall include annuity contracts owned by a governmental retirement plan (or its trustee) ...
In Indiana, some insurance policies are protected from whole or partial loss by guaranty funds. Guaranty funds operate something like the FDIC ? covering a consumer's losses up to a certain amount if the insurer is found to be insolvent and ordered into liquidation by a court.