Full text of legislative history behind the Life and Health Insurance Guaranty Association Model Act.
Connecticut Life and Health 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.
In the event that a member insurer is found to be insolvent and is ordered to be liquidated by a court, the Guaranty Association Act enables the Guaranty Association to provide protection (up to the limits spelled out in the Act) to Kansas residents who are holders of life and health insurance policies and individual ...
The Connecticut Life and Health Insurance Guaranty Association was created in 1972. It provides a mechanism to protect policyholders, certificate holders and their beneficiaries in the case of a judicial finding of financial impairment or insolvency of life and health insurance companies, and healthcare centers (HMOs).
A guaranty fund is established by law in every state. Guaranty funds are maintained by a state's insurance commissioner to protect policyholders in the event that an insurer becomes insolvent or is unable to meet its financial obligations.
The Connecticut Life and Health Insurance Guaranty Association was created by the Connecticut legislature in 1972 to protect state residents who are policyholders and beneficiaries or contract and certificate holders of an insolvent insurance company, up to specified limits.
Guaranty Associations are funded by their members: all authorized insurers are required to contribute to a fund to provide for the payment of claims for insolvent insurers.
If a member company becomes insolvent, money to continue coverage and pay claims is obtained through assessments of the guaranty association's other member insurance companies writing the same line or lines of insurance as the insolvent company.
LIGA settles when any of its members become insolvent and can't meet their financial obligations. As a non-profit unincorporated group, it isn't a state agency. The state of Louisiana doesn't give money to LIGA, and LIGA's activities have nothing to do with the state. LIGA may sue or be sued.