Full text of legislative history behind the Post Assessment Property and Liability Insurance Guaranty Association Model Act.
Kansas Post Assessment Property and Liability Insurance Guaranty Association Model Act Legislative History
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FAQ
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.
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.
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 Kansas Life & Health Insurance Guaranty Association was created by the Kansas Legislature in 1972 to protect state residents who are policyholders and beneficiaries of policies issued by an insolvent insurance company, up to specified limits.
What is a life and health insurance guaranty association? Life and health insurance guaranty associations were created to protect policy owners and beneficiaries of policies issued by licensed life or health insurance companies that have been placed in liquidation by a court order with a finding of insolvency.
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 ...
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.
The purpose of the Insurance Guaranty Association is to protect policyholders when an insurance company becomes insolvent. Benefits paid to claimants and policyholders are subject to limits.
