Full text and statutory guidelines for the Insurers Rehabilitation and Liquidation Model Act.
Michigan Insurers Rehabilitation and Liquidation Model Act
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FAQ
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.
"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.
"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.
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).
Act 218 of 1956 - THE INSURANCE CODE OF 1956 (500.100 - 500.8302) :: 2010 Michigan Compiled Laws :: US Codes and Statutes :: US Law :: Justia.
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.
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 Insurance Commissioner gathers the assets of the insolvent company, collects proof of claim forms from policyholders and other creditors, and eventually (often many years later) pays out the company's remaining assets to the policyholders and other creditors.