Full text of legislative history behind the Post Assessment Property and Liability Insurance Guaranty Association Model Act.
West Virginia Post Assessment Property and Liability Insurance Guaranty Association Model Act Legislative History
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An agent may use the existence of the Guaranty Association to assure a claimant that his policy will be protected even if the insurer becomes insolvent. The purpose of the Insurance Guaranty Association is to protect policyholders when an insurance company becomes insolvent.
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.
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 West Virginia residents who are holders of life and health insurance policies and ...
PPCIGA is an association of insurers licensed to write property and casualty insurance on a direct basis in The Commonwealth of Pennsylvania. Subject to statutory limits, PPCIGA assumes the insurance policy obligations of licensed insolvent insurers in Pennsylvania for residents and/or property located in the state.
The principal responsibilities of OLHIGA are to pay the covered claims (as defined by law) of insolvent insurers, and to provide a mechanism for assessment of member insurers to raise the funds needed to pay those claims.
A guaranty fund (or guaranty association) is an organization established by state law. Its purpose is to protect policyholders from insurer insolvencies. It pays claims an insurer would have paid had it not become financially impaired.
OLHIGA is a private association established by state law. What does the Guaranty Association do? OLHIGA covers claims of people who are insured by a member company which has been or is about to be liquidated.
For purposes of administration and assessment, the Association must maintain 2 accounts: (1) The life insurance and annuity account, which includes the following subaccounts: (a) Life Insurance Account; (b) Annuity account, which shall include annuity contracts owned by a governmental retirement plan (or its trustee) ...