Full text of legislative history behind the Post Assessment Property and Liability Insurance Guaranty Association Model Act.
Full text of legislative history behind the Post Assessment Property and Liability Insurance Guaranty Association Model Act.
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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.
The association was created pursuant to enactment of the Michigan Life and Health Insurance Guaranty Association Act to serve as a safety net for Michigan residents should their life or health insurer fail. How can I determine the financial soundness of my insurance company?
MPCGA WAS CREATED BY AN ACT OF THE MICHIGAN LEGISLATURE, MCL 500.7901 ET SEQ., IN ORDER TO PROTECT THE PUBLIC AGAINST FINANCIAL LOSSES TO POLICYHOLDERS AND CLAIMANTS AS A RESULT OF PROPERTY AND CASUALTY INSURANCE COMPANY INSOLVENCIES.
What is the difference between state guaranty associations and FDIC insurance? The FDIC is an independent federal agency that provides deposit insurance for bank deposits. State guaranty associations are nonprofit organizations that operate at the state level to protect insurance policyholders.
An insurance guaranty association is a state-sanctioned organization that protects policyholders and claimants in the event of an insurance company's impairment or insolvency.
Act 218 of 1956 - THE INSURANCE CODE OF 1956 (500.100 - 500.8302) :: 2010 Michigan Compiled Laws :: US Codes and Statutes :: US Law :: Justia.