Full text of legislative history behind the Post Assessment Property and Liability Insurance Guaranty Association Model Act.
Washington Post Assessment Property and Liability Insurance Guaranty Association Model Act Legislative History
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FAQ
An example of an international model law is the UNCITRAL Model Law on International Commercial Arbitration. Model legislative provisions on privately financed infrastructure projects were drafted by UNCITRAL and recommended for states to use by the United Nations General Assembly in 2004.
The NAIC Derivative Instruments Model Regulation (#282) sets standards for the prudent use of derivative instruments by insurance companies. It requires insurance companies to establish written guidelines for transacting in derivative instruments.
If a state does choose to adopt the model law, it applies to all carriers, MGAs, agencies and producers operating in that state.
Documentation Obligation If a recommendation was made ? the producer must make a written record of any recommendation and the basis for the recommendation. If the consumer refused to provide some or all of the consumer's information ? a signed "Consumer Refusal to Provide Information" form at the time of the sale.
Yes. If your insurance company has been declared insolvent, covered claims will be paid by the guaranty association up the limits (cap) prescribed by state statutes and the applicable policy. Although there is no maximum for workers compensation claims, the maximum amount WAGA can pay on other claims is $300,000.
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.
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.
The Suitability in Annuity Transactions Model Regulation (#275) serves as a basis for this regulatory framework. Model #275 sets forth standards and procedures for recommending annuity products to consumers to ensure their insurance and financial objectives are appropriately addressed.