Full text of legislative history behind the Post Assessment Property and Liability Insurance Guaranty Association Model Act.
Full text of legislative history behind the Post Assessment Property and Liability Insurance Guaranty Association Model Act.
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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.
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.
Welcome. Welcome to the Pennsylvania Life & Health Insurance Guaranty Association ("guaranty association") Web site. We hope you find this site helpful in providing information regarding the purpose of the guaranty association and how it protects resident policyholders in the event of an insurance company insolvency.
PPCIGA is an association of insurers licensed to write property and casualty insurance on a direct basis in The Commonwealth of Pennsylvania. Subject to statutory limits, PPCIGA assumes the insurance policy obligations of licensed insolvent insurers in Pennsylvania for residents and/or property located in the state.
The Pennsylvania Life & Health Insurance Guaranty Association was created by the Pennsylvania legislature in 1978 to protect state residents who are policyholders and beneficiaries of policies issued by an insolvent insurance company, up to specified limits.
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.
December 1954, the Company's name was changed to its current name, Pennsylvania Life Insurance Company. After several acquisitions over the years, the Company was acquired by the present parent Company, Universal American Financial Corp. (?Universal?), in February 1999.
December 1954, the Company's name was changed to its current name, Pennsylvania Life Insurance Company. After several acquisitions over the years, the Company was acquired by the present parent Company, Universal American Financial Corp. (?Universal?), in February 1999.