NCIGF

NEWS & UPDATES

Insolvency Trends – 2010 Now Available The National Conference of Insurance Guaranty Funds’ (NCIGF) has released its Insolvency Trends – 2010. Authored by the NCIGF legal staff, Insolvency Trends – 2010 provides a complete run-down on recent developments in insolvency law and practice. Click here to view Insolvency Trends – 2010.

UDS D Record Financial/Liquidation Training - Podcast.

UDS D Record Financial/Liquidation Training - PowerPoint with Narrative Notes

UDS D Record IT Training - Podcast

UDS D Record IT Training - PowerPoint with Narrative Notes

Accounting Guidelines Manual Available The National Conference of Insurance Guaranty Funds’ (NCIGF) has released the Accounting Guidelines Manual authored by the NCIGF Accounting Issues Committee. Formerly titled the Financial Reporting Guidelines Manual, the publication provides guidelines on guaranty fund-related accounting practices. Click here to view the Accounting Guidelines Manual.

Guaranty Fund Expenses Compare Favorably to Industry's, Independent Review Shows The National Conference of Insurance Guaranty Funds (NCIGF) has released a review by an independent actuarial firm that shows property and casualty guaranty funds expenses compare favorably to those of industry in the area of claims paying. The “Review of Property and Casualty Insurance Guaranty Fund Expenses” provides an analysis of guaranty fund expenses and a comparison of analogous property and casualty industry expenses for all insolvencies from 2001 through 2004. Click here to view the review.

NCIGF, NOLHGA Submit Comments to U.S. Treasury on Guaranty Fund System The National Conference of Insurance Guaranty Funds (NCIGF) and the National Organization of Life & Health Insurance Guaranty Associations (NOLHGA) have jointly drafted “Treasury Review of Regulatory Structure Associated with Financial Institutions: Request for Comments (TREAS-DO-2007-0018).” The organizations submitted the paper to the United States Department of Treasury to explain the role of the state guaranty funds. Read More

The National Conference of Insurance Guaranty Funds:
Supporting a system of policyholder protection

For media inquiries about the property/casualty guaranty fund system, click here

For a basic overview of the insolvency process and guaranty fund laws click here

Media inquiries about life and health guaranty funds please visit www.nolhga.com

At the heart of every property and casualty insurance contract lies a promise that if misfortune occurs, insurance will step in to soften the blow by covering outstanding claims.

But what happens when an insurance company becomes financially troubled, fails and is no longer able to uphold its end of the bargain?

That's when the state property and casualty guaranty fund system - a system few know much about - steps in. Put simply, guaranty funds provide an essential safety net for policyholders, one that meets the needs of those least able to deal with losses should their insurance company fail.

The National Conference of Insurance Guaranty Funds (NCIGF) - a non-profit, member-funded association - provides national assistance and support to the property and casualty guaranty funds located in each of the 50 states, Puerto Rico and the District of Columbia.

Our Vision and Mission Statements

Vision To be the definitive national leader on matters related to insolvency and its consequences to policyholders and claimants protected by the state-based property and casualty guaranty fund system. Mission To bring the greatest possible value to the member state property & casualty guaranty funds and the state-based guaranty fund system in operational support, communications and public policy development.

The Shared Values of the NCIGF and Its Member Property and Casualty Guaranty Funds

* Policyholder Protection. The state guaranty funds exist to fulfill their statutory role to provide protection to policyholders and claimants of insolvent insurers. * Public Policy Purpose and Fact-Based Strategies. Strategies are based on the public policy purpose of the state guaranty funds. Tactics will consist of thoughtful, deliberate and fact-based steps by members and NCIGF staff to address the critical business issues facing the NCIGF, its member guaranty funds and the policyholders they serve. * Member Involvement. The guaranty fund system and the NCIGF can achieve their potential only with the active involvement of committed, engaged and informed members. * Collaboration and Cooperation. NCIGF and members of the guaranty fund system will seek to work among its members, receivers, regulators, industry organizations and others to achieve common goals. * Low Cost, Highly Effective Operations. Through the continuing development of high quality staffs and utilization of up-to-date technology, NCIGF and its member guaranty funds continually strive to provide cost-effective value to policyholders, claimants and other stakeholders.

The Strategic Goals of the NCIGF and the State Property and Casualty Guaranty Fund System

* Operations and Insolvency Management. Manage property/casualty claims in a professional, timely, efficient and cost-effective manner. The NCIGF supports member guaranty funds in meeting their immediate and future obligations to policyholders. * Public Policy Management. Strengthen service to policyholders and claimants through sound public policies that form the foundation of the property and casualty guaranty fund system. When necessary, seek renewal of the system’s statutory foundation to meet future challenges on behalf of policyholders and claimants. * Outreach, Communications and Education. Educate and inform the public, industry, policymakers and other stakeholders about the property and casualty guaranty fund system to assist the state guaranty funds and the NCIGF in execution of their respective missions. Drive cooperation and consensus building among guaranty funds through member-focused communication and education.