Full text of legislative history behind the Post Assessment Property and Liability Insurance Guaranty Association Model Act.
Virginia Post Assessment Property and Liability Insurance Guaranty Association Model Act Legislative History
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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.
The Guarantee Association was created by the legislature to serve as a safety net for residents should their life or health insurer fail. By creating the association, the legislature was able to ensure continued coverage to residents affected by their insurer's failure.
What is the Virginia Property and Casualty Insurance Guaranty Association (VAPCIGA)? VAPCIGA is part of a non-profit, unincorporated, state-based statutorily created system that pays certain covered claims of insolvent insurance companies' policyholders and claimants. Guaranty associations exist in every state.
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.
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.
The purpose of this Act is to provide a mechanism for the payment of covered claims under certain insurance policies, to avoid excessive delay in payment and to the extent provided in this Act minimize financial loss to claimants or policyholders because of the insolvency of an insurer, and to provide an association to ...
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.