Full text and statutory guidelines for the Insurers Rehabilitation and Liquidation Model Act.
Louisiana Insurers Rehabilitation and Liquidation Model Act
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FAQ
When a company becomes insolvent, meaning that it can no longer meet its financial obligations, it undergoes liquidation. Liquidation is the process of closing a business and distributing its assets to claimants. The sale of assets is used to pay creditors and shareholders in the order of priority.
Louisiana's Insurance Company Exodus CompanyStatusPoliciesLexington Insurance CompanyWithdrawnGeovera Specialty Insurance CompanyWithdrawnBankers Specialty Insurance CompanyWithdrawnUnited Property & Casualty Insurance CompanyWithdrawn36,00019 more rows ?
"Liquidation" is the process whereby the Commissioner, upon a Superior Court's order, terminates an insurance company's insurance business by canceling all insurance policies and by not issuing any new or renewal policies.
LIGA receives no public funding. LIGA is a private association run by and for the insurance industry. LIGA has the authority to assess insurers 1% annually, based upon the premium of all property and casualty insurance policies written in Louisiana the previous year.
When an insurer is given an order of liquidation, who will protect the insureds' unpaid claims? The Insurance Security Fund was created to provide insureds with protection against an insurer's liquidation.
Once the liquidation is ordered, the guaranty association provides coverage to the company's policyholders who are state residents (up to the levels specified by state laws?see below; any benefit amounts above the guaranty asociation benefit levels become claims against the company's remaining assets).
Liquidation is the process of converting a company's assets into cash, and using those funds to repay, as much as possible, the company's debts. Liquidation results in the company being shut down.