Full text and statutory guidelines for the Post Assessment Property and Liability Insurance Guaranty Association Model Act.
Ohio Post Assessment Property and Liability Insurance Guaranty Association Model Act
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The maximum total amount the Guarantee Association will provide for any one individual for life insurance and annuity coverage is $300,000, even if that individual is covered by multiple life insurance policies and annuities.
No individual may receive benefits aggregating more than $300,000 from the Guaranty Association as the result of the failure of any one insurer except with respect to benefits for major medical insurance in which case aggregate benefits cannot exceed $500,000.
Assessments are not unlimited. We can only assess our member insurers in any one-year 1.5% of their Ohio premium in the year prior to the insolvency.
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.
Assessments are not unlimited. We can only assess our member insurers in any one-year 1.5% of their Ohio premium in the year prior to the insolvency. This is usually sufficient to pay all claims within the OIGA 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.
$100,000 in net cash surrender or withdrawal values for life insurance. $300,000 in disability income (DI) insurance benefits. $300,000 in long-term care (LTC) insurance benefits.
Life insurance death benefit: $300,000. Life insurance cash surrender: $100,000. Health insurance claims: $500,000 for major medical insurance/$300,000 for disability or long-term care insurance/$100,000 for other types of health insurance.