Full text of legislative history behind the Post Assessment Property and Liability Insurance Guaranty Association Model Act.
South Carolina Post Assessment Property and Liability Insurance Guaranty Association Model Act Legislative History
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FAQ
You say the guaranty funds pay these claims. Where do they get the money to pay them? Guaranty funds largely are funded by industry assessments, which are usually collected following insolvencies.
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 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 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.
There is created a nonprofit unincorporated legal entity to be known as the South Carolina Property and Casualty Insurance Guaranty Association. All insurers defined as member insurers in Section 38-31-20(8) are members of the association as a condition of their authority to transact insurance in this State.
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.
Examples of the types of insurance that fall under the guaranty fund are automobile, homeowners, liability and workers' compensation insurance.
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.