Full text and statutory guidelines for the Insurers Rehabilitation and Liquidation Model Act.
Virginia Insurers Rehabilitation and Liquidation Model Act
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US-AF01
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FAQ
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.
Once the liquidation is ordered, the guaranty association provides coverage to the company's policyholders who are state residents (up to the levels specified by state laws?see below; any benefit amounts above the guaranty asociation benefit levels become claims against the company's remaining assets).
When an insurer is given an order of liquidation, who will protect the insureds' unpaid claims? The Insurance Security Fund was created to provide insureds with protection against an insurer's liquidation.
"Liquidation" is the process whereby the Commissioner, upon a Superior Court's order, terminates an insurance company's insurance business by canceling all insurance policies and by not issuing any new or renewal policies.
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. All states, the District of Columbia, and Puerto Rico have insurance guaranty associations.
Rehabilitation is a court supervised process intended to remedy the company's financial deterioration for the benefit of policyholders and creditors. The Rehabilitator is charged with the protection of the company's policyholders, creditors and the public.