Postassessment insurance guaranty Association

The association should maintain what three accounts?

Automobile insurance. workers compensation. all other coverages subject to the association.

The association applies to all except?

Life, accident, and health insurance. Title, credit, and mortgage guaranty insurance. Surety and ocean marine insurance.

How does the association exercise its power in notifying the commissioner?

The association exercises its power by securing a majority vote from the board of directors, allowing them to inform the commissioner about a financial impairment of an insurer.

what reporting obligation does the association have?

The guaranty association has to submit annual financial reports to the commissioner.

How is the association regulated?

The guaranty association is subject to examination and regulated by the commissioner of insurance.

Postassessment insurance guaranty Association

The purpose of this association is to avoid losses and delays in the payment of covered claims due to financial impairment of insurers when a company is having money problems.