Maryland Guaranty by Corporation - Complex
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FAQ
If the balance in the guaranty fund falls below $250,000, the commission must assess each current licensee a fee that will return the balance to at least that amount. The commission has approximately 44,000 licensees.
The Maryland Home Improvement Commission administers a Guaranty Fund, which exists to reimburse homeowners for the actual loss caused by a licensed contractor who performed a home improvement job in an unworkmanlike, incorrect, or incomplete manner, or who abandoned a home improvement job.
The Life and Health Insurance Guaranty Corporation ("LHIGC") was created by the Maryland General Assembly in 1980 to protect Maryland residents who are policyholders and beneficiaries of policies issued by an insolvent insurance company, up to specified limits.
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.
What information about the Guaranty Fund must be included in every Maryland sales contract? Sales contracts must include a written notice to the buyer of the Guaranty Fund's protection up to $50,000.
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.
The Corporation funds its coverage obligations from three sources - the assets of the insolvent insurer, premiums due after liquidation, and assessments of the Corporation's member insurers.
Insurers that sell insurance in a given state are assessed amounts to pay into the guaranty funds to provide for payment of claims owed by insolvent insurance entities in that state.