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The amount of the guaranty fee has been set at $2.00 per policy.
The amount of the guaranty fee has been set at $2.00 per policy.
The TPCIGA is a non-profit association created by the legislature to pay certain claims of Texas insurance consumers in the event that a property-casualty company becomes insolvent.
Texas law protects policyholders if their insurance companies have financial problems and can't pay claims or debts. Most insurance companies that do business in Texas must belong to a guaranty association. Guaranty associations help pay policy claims if an insurance company fails, or becomes insolvent.
Most of these organizations are funded with the money they collect from conducting assessments of member insurers. The total payout in most states is capped at $300,000 per individual.
A state guaranty fund is administered by a U.S. state to protect policyholders in the event that an insurance company defaults on benefit payments or becomes insolvent. The fund only protects beneficiaries of insurance companies that are licensed to sell insurance products in that state.
Guaranty associations pay the claims of policyholders of an insolvent company when that company's assets become insufficient to meet their obligations to policyholders. The money used to pay these claims comes from assessments made against all insurance companies that are members of the respective guaranty association.