Full text of legislative history behind the Post Assessment Property and Liability Insurance Guaranty Association Model Act.
North Carolina Post Assessment Property and Liability Insurance Guaranty Association Model Act Legislative History
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FAQ
The Guaranty Fund is funded through assessments against member insurers made after a member insurer is declared insolvent by a court of law. These funds are used to pay valid claims, as well as administrative expenses.
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.
The guaranty association's coverage of insurance company insolvencies is funded by post-insolvency assessments of the other guaranty association member companies. These assessments are based on each member's share of premium during the prior three years.
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.
Generally, life, health insurance and annuity policies as well as certificates under group policies and contracts issued by the guaranty association's member insurers are covered by the association.
When an insurance company fails, a guaranty association is an entity which steps into the shoes of the failed insurer for the purpose of providing certain continued benefits and/or resolution of covered claims.
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.
What is an insurance guaranty association? 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.