Full text of legislative history behind the Post Assessment Property and Liability Insurance Guaranty Association Model Act.
Ohio Post Assessment Property and Liability Insurance Guaranty Association Model Act Legislative History
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Once an insurer has been declared insolvent, the insurance department determines the value of the company's remaining assets. It then calculates the amount of money the guaranty association will need to pay claims. This amount is assessed by insurers.
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 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.
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.
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.
OLHIGA is a private association established by state law. What does the Guaranty Association do? OLHIGA covers claims of people who are insured by a member company which has been or is about to be liquidated. For an insurance company, liquidation is similar to bankruptcy.
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.
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.