…Association http://www.doi.idaho.gov/ Illinois Illinois Insurance Guaranty Fund http://www.idfpr.com/ Indiana Indiana Insurance Guaranty Association http://www.in.gov/idoi/ Iowa Iowa Insurance Guaranty Association http://www.iid.state.ia.us/ Kansas Kansas Insurance Guaranty Association http://www.ksinsurance.org/ Kentucky Kentucky Insurance Guaranty…
…insured depository institutions. NCIGF’s members are principally concerned with protecting consumers of failed property and casualty insurers. NOLHGA’s members are principally concerned with protecting consumers of failed life or health…
…and state law. Once claims are transferred to the guaranty funds, their trained adjusters (sometimes assisted by contracted adjusters) review the claims, determine the amount of loss covered by the…
…in JSON: { “record_type”: “A”, “naic_number”: 12345, “fund_location”: “IN”, “fund_type”: 10, “date”: 20190214, “coverage_code”: [965005, 965010], //array of coverages “insolvent_company_claim_num”: 123456789, “receiver_claim_number”: 88888888, “insured”:{ //insured structure encapsulates all the insured…
…filings. This would tend to drive up the non-covered portion. However, even if the non-covered portion were “grossed up” to estimate fully developed non-covered claims ($391 million divided by 36…
…with defined computer file formats allowing a fast and efficient reporting of policy and claim information. The standardized reporting that UDS provided was developed in 1995 and allowed the funds…
…amount of the cost to be footed by guaranty association assessments to insurers writing licensed business in the state where the fund operates. Solvent carriers are then permitted to “recoup”…
…Vaughan and Cooper developed surveys, helped identify stakeholders and used their contacts to obtain feedback from regulators. On the backend, they assembled survey results and prepared reports summarizing the survey’s…
…safety net to pay certain claims arising out of policies issued by licensed insurance companies. Claims are paid to limits established by state law. Guaranty funds do not pay non-policy…
(Originally published in the Summer 2019 issue of The Insurance Receiver and is reprinted with the permission of IAIR) A highly charged topic among insurance resolution practitioners is the obvious…