Full text of legislative history behind the Life and Health Insurance Guaranty Association Model Act.
Texas Life and Health Insurance Guaranty Association Model Act Legislative History
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US-AD02
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FAQ
The amount of the guaranty fee has been set at $2.00 per policy.
MAXIMUM PER CLAIM $300,000, with no limit for workers' compensation claims; $25,000 for unearned premiums.
What are model laws? The NAIC model law development process helps provide uniformity while balancing the needs of insurers operating in multiple jurisdictions with the needs of consumers.
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.
Under the Texas Property and Casualty Insurance Guaranty Association, what is the maximum amount that a claimant may recover from an occurrence under a policy issued by an insolvent insurer? The lesser of the amount of loss, the amount of insurance written, not to exceed $300,000.
The health insurance protection for which the Guarantee Association may become liable shall be the contractual obligations for which the insurer is liable or would have been liable if it were not an insolvent insurer, up to a maximum benefit of $200,000.
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. Is my claim against the insolvent insurer affected by the Guarantee Association? Yes.
The Association was created by the Texas legislature in 1973 to protect Texas resident policyholders if a member company becomes insolvent and is liquidated.