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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.
The guaranty associations protect North Carolina policyholders from severe financial losses and delayed claim payments if an insurance company is declared insolvent.
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 NCIGA is a non-profit, unincorporated legal entity created by Statute to protect North Carolina insurance policyholders and claimants from severe financial losses and delays in claim payments due to the insolvency of a member property and casualty writing insurance carrier.
If your insurance company fails, the maximum amount of protection provided by the North Carolina guaranty association for each individual is $300,000 no matter how many policies you bought from your company.
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.