1 CHAPTER 31. SOUTH CAROLINA PROPERTY AND CASUALTY INSURANCE GUARANTY ASSOCIATION SECTION Short title. This chapter is known and may be cited as the South Carolina Property and Casualty Insurance Guaranty Association Act. SECTION Definitions. As used in this chapter: (1) Account means any one of the four accounts created by Section (2) Affiliate means a person who directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with an insolvent insurer on December thirty-first of the year next preceding the date the insurer becomes an insolvent insurer. (3) Affiliate of the insolvent insurer means a person who directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with an insolvent insurer on December thirty-first of the year next preceding the date the insurer becomes an insolvent insurer. (4) Association means the South Carolina Property and Casualty Insurance Guaranty Association created under Section (5) Association similar to the association means any guaranty association, security fund, or other insolvency mechanism which affords protection similar to that of the association. The term also includes any property/casualty insolvency mechanism which obtains assessments or other contributions from insurers on a pre-insolvency basis. (6) Claimant means any insured making a first party claim or any person instituting a liability claim. However, no person who is an affiliate of the insolvent insurer may be a claimant. (7) Control means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract other than a commercial contract for goods or nonmanagement services, or otherwise, unless the power is the result of an official position with or corporate office held by the person. Control is presumed to exist if any person directly or indirectly owns, controls, holds with the power to vote, or holds proxies representing ten percent or more of the voting securities of any other person. This presumption may be rebutted by a showing that control does not exist in fact. (8) Covered claim means an unpaid claim, including one of unearned premiums, which arises out of and is within the coverage and is subject to the applicable limits of an insurance policy to which this chapter applies issued by an insurer, if the insurer is an insolvent insurer and (a) the claimant or insured is a resident of this State at the time of the insured event, if for entities other than an individual, the residence of a claimant or insured is the state in which its principal place of business is located at the time of the insured event or (b) the claim is for first-party benefits for damage to property permanently located in this State. Covered claim does not include: (a) any amount awarded as extra-contractual damages unless awarded against the association; (b) any amount sought as a return of premium under any retrospective rating plan; (c) any amount due any reinsurer, insurer, insurance pool, or underwriting association as subrogation recoveries, reinsurance recoveries, contribution, indemnification, or otherwise. No such claim for any amount due any reinsurer, insurer, insurance pool, or underwriting association may be asserted against a claimant or a person insured under a policy issued by an insolvent insurer other than to the extent such a claim exceeds the association obligation limitations set forth in Section ;
2 (d) any first party claim by an insured whose net worth exceeds ten million dollars on December thirty-first of the year next preceding the date the insurer becomes an insolvent insurer; provided that an insured s net worth on such date must be deemed to include the aggregate net worth of the insured and all of its subsidiaries as calculated on a consolidated basis; (e) any first party claims by an insured which is an affiliate of the insolvent insurer; (f) any fee or other amount relating to goods or services sought by or on behalf of any attorney or other provider of goods or services retained by the insolvent insurer or an insured prior to the date it was determined to be insolvent; (g) any fee or other amount sought by or on behalf of any attorney or other provider of goods or services retained by any insured or claimant in connection with the assertion or prosecution of any claim, covered or otherwise, against the association; or (h) any claims for interest. (9) Insolvent insurer means an insurer (a) licensed to transact insurance in this State either at the time the policy was issued or when the insured event occurred and (b) determined to be insolvent by a court of competent jurisdiction in the insurer s state of domicile or of this State and which the director or his designee has found fails to meet its obligation to policyholders in this State. (10) Insured means any named insured, any additional insured, any vendor, lessor, or any other party identified as an insured under the policy. (11) Member insurer means any person who (a) writes any kind of insurance to which this chapter applies under Section , including the exchange of reciprocal or interinsurance contracts, and (b) is licensed to transact insurance in this State. An insurer shall cease to be a member insurer effective on the day following the termination or expiration of its license to transact the kinds of insurance to which this chapter applies; however, the insurer shall remain liable as a member insurer for any and all obligations, including obligations for assessments levied prior to the termination or expiration of the insurer s license and assessments levied after the termination or expiration, which relate to any insurer which became an insolvent insurer prior to the termination or expiration of such insurer s license. (12) Net direct written premiums means direct gross premiums written in this State on insurance policies to which this chapter applies, less return premiums on the policies and dividends paid or credited to policyholders on the direct business. It does not include premiums on contracts between insurers or reinsurers. (13) Person means an individual, corporation, partnership, association, voluntary organization, or governmental entity. SECTION Application of chapter. This chapter applies to all kinds of direct insurance but does not apply to the following: (1) life, annuity, health, or accident insurance; (2) mortgage guaranty, financial guaranty, or other forms of insurance offering protection against investment risks; (3) fidelity or surety bonds, or any other bonding obligations; (4) credit insurance, vendors single interest insurance, collateral protection insurance, or any similar insurance protecting the interests of a creditor arising out of a creditor-debtor transaction; (5) insurance of warranties or service contracts; (6) insurance written on a retroactive basis to cover known losses which have resulted from an event with respect to which a claim has already been made, and the claim is known to the insurer at the time the insurance is bound; (7) title insurance; (8) ocean marine insurance; ocean marine insurance includes marine insurance as defined in Section (28), except for inland marine, and includes any other form of insurance, regardless of the name, label, or marketing designation of the insurance policy, which insures against maritime perils or risks and other related perils or risks, which are usually insured against by traditional marine insurance, such as hull
3 and machinery, marine builders risk, and marine protection and indemnity. Such perils and risk insured against include without limitation loss, damage, or expense or legal liability of the insured for loss, damage, or expense arising out of or incident to ownership, operation, chartering, maintenance, use, repair, or construction of any vessel, craft, or instrumentality in use in ocean or inland waterways, including liability of the insured for personal injury, illness, or death or for loss or damage to the property of the insured or another person; (9) any transaction or combination of transactions between a person, including affiliates of the person, and an insurer, including affiliates of the insurer, which does not effect a transfer of risk from the person, including affiliates of the person, to the insurer, including affiliates of the insurer, to the extent there is not a transfer of risk. SECTION Association created; membership as condition of authority to transact insurance; accounts. There is created a nonprofit unincorporated legal entity to be known as the South Carolina Property and Casualty Insurance Guaranty Association. All insurers defined as member insurers in Section (8) are members of the association as a condition of their authority to transact insurance in this State. The association shall perform its functions under a plan of operation established and approved under Section and shall exercise its powers through a board of directors established under Section For purposes of administration and assessment, the association is divided into four separate accounts: (a) the workers compensation insurance account; (b) the automobile insurance account; (c) the homeowners multiple peril and farmowners multiple peril insurance account; (d) the account for all other insurance to which this chapter applies. SECTION Board of directors. (1) The board of directors of the association shall consist of not less than five nor more than nine persons who shall serve terms as established in the plan of operation. Member insurers shall select the members of the board subject to the approval of the director. Any vacancy on the board must be filled for the unexpired portion of the term in the same manner as any initial appointment. (2) In approving selections to the board, the director shall consider, among other things, whether all member insurers are fairly represented. (3) Members of the board may be reimbursed from the assets of the association for expenses incurred by them as members of the board of directors. SECTION Powers and duties of Association. The association: (a) is obligated to the extent of claims existing before the determination of insolvency and claims arising up to the earliest of the following dates: (i) thirty days after the determination of insolvency; (ii) the policy expiration date; or (iii) the date the insured replaces or cancels the policy. (iv) Notwithstanding any other provisions of this chapter, except in the case of a claim for benefits under worker s compensation coverage, any obligation of the association to or on behalf of an insured and its affiliates on all covered claims combined shall cease when ten million dollars shall have been paid in the aggregate by the association and any one or more associations similar to the association of any other state or states, to or on behalf of that insured, its affiliates, and additional insureds on covered claims or allowed claims arising under the policy or policies of any one insolvent insurer. If the association
4 determines that there may be more than one claimant having a covered claim or allowed claim against the association, or any associations similar to the association in other states, under the policy or policies of any one insolvent insurer, the association may establish a plan to allocate amounts payable by the association in such manner as the association in its discretion considers equitable. This obligation includes only the amount each covered claim is in excess of two hundred fifty dollars and is less than three hundred thousand dollars. However, the association shall pay the full amount of any covered workers compensation claim. The association has no obligation to pay a claimant s covered claim, except a workers compensation claim, if: (1) the insured had primary coverage at the time of the loss with a solvent insurer equal to or in excess of three hundred thousand dollars and applicable to the claimant s loss; or (2) the insured s coverage is written subject to a self-insured retention equal to or in excess of three hundred thousand dollars. If the primary coverage and self-insured retention is less than three hundred thousand dollars, the association s obligation to the claimant is reduced by the coverage or retention. The Guaranty Association shall pay the full amount of a covered workers compensation claim to a claimant notwithstanding any self-insured retention but the Guaranty Association has the right to recover the amount of the self-insured retention from the employer. The association is not obligated to pay a claimant an amount in excess of the obligation of the insolvent insurer under the policy or coverage from which the claim arises. A covered claim does not include any claim filed with the association after the final date set by a court for the filing of claims against the liquidator or receiver of an insolvent insurer, or any claim filed with the association more than eighteen months after the declaration of insolvency, whichever date occurs first; provided, however, that this provision shall be without prejudice to the filing of a claim with the liquidator or receiver of an insolvent insurer or the filing of a claim with any other Guaranty Association or similar organization in another state. The association shall pay only that amount of each unearned premium which is in excess of one hundred dollars; (b) is considered the insurer to the extent of its obligation on the covered claims and, to this extent, has all rights, duties, and obligations of the insolvent insurer as if the insurer had not become insolvent. However, the association has the right but not the obligation to defend an insured who is not a resident of this State at the time of the insured event unless the property from which the claim arises is permanently located in this State in which instance the association does have the obligation to defend the insured; (c) shall allocate claims paid and expenses incurred among the four accounts separately and assess member insurers separately for each account amounts necessary to pay: (i) the obligation of the association under item (a) of this section; (ii) the expenses of handling covered claims; (iii) other expenses authorized by this chapter. The assessments of each member insurer must be in the proportion that the net direct written premiums of the member insurer for the calendar year preceding the insolvency on the kinds of insurance in the account bear to the net direct written premiums of all member insurers for the calendar year preceding the insolvency on the kinds of insurance in the account. Each member insurer must be notified of the assessment not later than thirty days before it is due. No member insurer may be assessed in any year on any account an amount greater than one percent of that member insurer s net direct written premiums for the calendar year preceding the insolvency on the kinds of insurance in the account. If the maximum assessment, together with the other assets of the association in any account, does not provide in any year an amount sufficient to make all necessary payments from that account, the funds available must be prorated, and the unpaid portion must be paid as soon after proration as funds become available. The association may exempt or defer, in whole or in part, the payment of an assessment of any member insurer, if the payment would cause the member insurer s financial statement to reflect amounts of capital or surplus less than the minimum amounts required for a certificate of authority by any jurisdiction in which the member insurer is authorized to transact insurance. Any member insurer serving in the capacity of a servicing carrier for the South Carolina Reinsurance Facility, the South Carolina Windstorm and Hail Underwriting Association, the Medical Malpractice Joint Underwriting Association, or any other involuntary association must not be assessed for the premiums so written, but the assessment must be
5 made directly against the facility, pool, joint underwriting association, or other association. Each member insurer serving as a servicing facility on behalf of the association may set off against any assessment authorized payments made on covered claims and expenses incurred in the payment of the claims by the member insurer; (d) shall investigate claims brought against the association and adjust, compromise, settle, and pay covered claims to the extent of the association s obligation and deny all other claims and may review settlements, releases, and judgments to which the insolvent insurer or its insureds were parties to determine the extent to which these settlements, releases, and judgments may be properly contested; (e) shall notify any person the director or his designee directs under Section (2)(a); (f) shall handle claims through its employees or through one or more insurers or other persons designated as servicing facilities. Designation of a servicing facility is subject to the approval of the director or his designee, but designation may be declined by a member insurer; (g) shall reimburse each servicing facility for obligations of the association paid by the facility and for expenses incurred by the facility while handling claims on behalf of the association and pay the other expenses of the association authorized by this chapter; (h) may employ or retain persons necessary to handle claims and perform other duties of the association; (i) may borrow funds necessary to effect the purpose of this chapter in accord with the plan of operation; (j) may sue or be sued; provided, however, that any action brought directly against the association must be brought against the association in the State of South Carolina as a condition precedent to recovery directly against the association; (k) may negotiate and become a party to contracts necessary to carry out the purpose of this chapter; (l) may perform any other acts necessary or proper to effectuate the purpose of this chapter; (m) may refund to the member insurers in proportion to the contribution of each member insurer to that account that amount by which the assets of the account exceed the liabilities, if, at the end of any calendar year, the board of directors finds that the assets of the association in any account exceed the liabilities of that account as estimated by the board of directors for the coming year. SECTION Plan of operation. (1) The association shall submit to the department a plan of operation and any amendments necessary or suitable to assure the fair, reasonable, and equitable administration of the association. The plan of operation and any amendments become effective upon the written approval of the director or his designee. If the association fails to submit suitable amendments to the plan, the director or his designee shall, after notice and hearing, adopt and promulgate reasonable amendments necessary or advisable to effectuate the provisions of this chapter. These amendments continue in force until modified by the director or his designee or superseded by amendments submitted by the association and approved by the director or his designee. (2) All member insurers shall comply with the plan of operation. (3) The plan of operation shall: (a) Establish the procedures whereby all the powers and duties of the association under Section will be performed. (b) Establish procedures for handling assets of the association. (c) Establish the amount and method of reimbursing members of the board of directors under Section (d) Establish procedures by which claims may be filed with the association and establish acceptable forms of proof of covered claims. Notice of claims to the receiver or liquidator of the insolvent insurer is considered notice to the association or its agent and a list of these claims must be periodically submitted to the association or an association similar to the association in another state by the receiver or liquidator. (e) Establish regular places and times for meetings of the board of directors. (f) Establish procedures for records to be kept of all financial transactions of the association, its agents, and the board of directors.
6 (g) Provide that any member insurer aggrieved by any final action or decision of the association may appeal to the Administrative Law Judge Division as provided by law within thirty days after the action or decision. (h) Establish the procedures whereby selections for the board of directors will be submitted to the department director. (i) Contain additional provisions necessary or proper for the execution of the powers and duties of the association. (4) The plan of operation may provide that any or all powers and duties of the association, except those under items (c) and (i) of Section , are delegated to a corporation, an association similar to the association, or another organization which performs or will perform functions similar to those of this association, or its equivalent, in two or more states. This corporation, association, or organization must be reimbursed as a servicing facility would be reimbursed and must be paid for its performance of any other functions of the association. A delegation under this subsection (4) takes effect only with the approval of both the board of directors and the director or his designee and may be made only to a corporation, association, or organization which extends protection not substantially less favorable and effective than that provided by this chapter. SECTION Powers and duties of director. (A) The director or his designee shall: (1) notify the association of the existence of an insolvent insurer not later than three days after he receives notice of the determination of the insolvency; (2) upon request of the board of directors, provide the association with a statement of the net direct written premiums of each member insurer. (B) The director or his designee may: (1) require that the association notify the insureds of the insolvent insurer and other interested parties of the determination of insolvency and of their rights under this chapter. The notification must be by mail at their last known address, where available, but if sufficient information for notification by mail is not available, notice by publication in a newspaper of general circulation is sufficient; (2) suspend or revoke, after notice and hearing, the certificate of authority to transact insurance in this State of a member insurer who fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the director or his designee may impose the penalties provided in Section ; (3) revoke the designation of a servicing facility if he finds claims are being handled unsatisfactorily; (4) upon request of the board of directors, notwithstanding the limitation on assessments contained in Section (c)(iii), increase the maximum assessment in a year in an account in order for that assessment to provide an amount sufficient to make all necessary payments by the association from that account. However, no member insurer may be assessed in a year on an account under this provision an amount greater than two percent of the member insurer s net direct written premiums for the calendar year preceding the insolvency on the kinds of insurance in the account; (5) after determining that an insurance emergency or catastrophe exists in this State pursuant to Insurance Department Regulation 69-1(2), direct the association to pay the first one hundred dollars of each unearned premium claim and the first two hundred fifty dollars of each covered claim, notwithstanding the provisions of Section (a). SECTION Effect of payment of claim under chapter; rights of association against assets of insolvent insurer. (1) A person recovering under this chapter is considered to have assigned his rights under the policy to the association to the extent of his recovery from the association. Every insured or claimant seeking the protection of this chapter shall cooperate with the association to the same extent as he would have been
7 required to cooperate with the insolvent insurer. The association has no cause of action against the insured of the insolvent insurer for any sums it has paid out except the causes of action the insolvent insurer would have had if the sums had been paid by the insolvent insurer and except as provided in subsection (2). In the case of an insolvent insurer operating on a plan with assessment liability, payments of claims of the association do not operate to reduce the liability of insureds to the receiver, liquidator, or statutory successor for unpaid assessments. (2) The association has the right to recover from the following persons the amount of any covered claim paid on behalf of such person pursuant to this chapter; (a) an insured whose net worth on December thirty-one of the year immediately preceding the date the insurer becomes an insolvent insurer exceeds twenty-five million dollars and whose liability obligations to other persons are satisfied in whole or in part by payments made under this chapter; and (b) a person who is an affiliate of the insolvent insurer and whose liability obligations to other persons are satisfied in whole or in part by payments made under this chapter. (3) The receiver, liquidator, or statutory successor of an insolvent insurer is bound by settlements of covered claims by the association or an association similar to the association in another state. The court having jurisdiction shall grant these claims priority equal to that to which the claimant would have been entitled in the absence of this chapter against the assets of the insolvent insurer. The expenses of the association or an association similar to the association in handling claims must be accorded the same priority as the liquidator s expenses. (4) The association shall periodically file with the receiver or liquidator of the insolvent insurer statements of the covered claims paid by the association and estimates of anticipated claims on the association which shall preserve the rights of the association against the assets of the insolvent insurer. SECTION Exhaustion of other coverage and claims. (1) A person, having a claim under an insurance policy, whether or not it is a policy issued by a member insurer, and the claim under such other policy arises from the same facts, injury, or loss that gave rise to the covered claim against the association, is required to first exhaust all coverage and limits provided by any such policy. Any amount payable on a covered claim under this chapter must be reduced by the full limits of such other coverage as set forth on the declarations page and the association shall receive a full credit for such limits, or, where there are no applicable limits, the claim must be reduced by the total recovery. Notwithstanding the foregoing, no person may be required to exhaust all coverage and limits under the policy of an insolvent insurer. (a) A claim under a policy providing liability coverage to a person who may be jointly and severally liable with or a joint tortfeasor with the person covered under the policy of the insolvent insurer that gives rise to the covered claim must be considered to be a claim arising from the same facts, injury, or loss that gave rise to the covered claim against the association. Any amount payable on a covered claim under this chapter must be reduced by the full and combined policy limits of all joint tortfeasers. (b) To the extent that the association s obligation is reduced by the application of this section, the liability of the person insured by the insolvent insurer s policy for the claim must be reduced in the same amount. (2) A person having a claim which may be recovered under more than one insurance guaranty association or associations similar to the association must be required first to exhaust all coverage and limits in recovery from the association of the place of residence of the insured except that, if it is a first-party claim for damage to property with a permanent location, he shall be required first to exhaust all coverage and limits in recovery from the association of the location of the property, and, if it is a workers compensation claim, he shall be required first to exhaust all coverage and limits in recovery from the association of the residence of the claimant. Any amount payable on a covered claim under this chapter must be reduced by the full amount of recovery from any other insurance guaranty association or associations similar to the association, and the association shall receive full credit for such recovery. (3) A person having a claim or legal right of recovery under any governmental insurance or guaranty program which is also a covered claim shall be required first to exhaust all coverage and limits in
8 recovery under the program. Any amount payable on a covered claim under this chapter must be reduced by the full amount of any recovery under the governmental insurance or guaranty program. (4) No claim held by an insurer, reinsurer, insurance pool, or underwriting association based on an assignment or on rights of subrogation, or otherwise, may be recovered from a claimant or asserted in any legal action against a person insured under a policy issued by an insolvent insurer or the association except to the extent the amount of the claim exceeds the obligation of the association under this chapter. (5) A person who has liquidated by settlement or judgment a claim against an insured under a policy issued by an insolvent insurer, and the claim is a covered claim and is also a claim within the coverage of any policy issued by a solvent insurer, must be required first to exhaust all coverage and limits provided under the policy issued by the solvent insurer before execution, levy, or any other proceedings are begun to enforce any judgment obtained against or the settlement with the insured of the insolvent insurer. Any amount payable on a covered claim under this chapter, whether through settlement, judgment, or otherwise, must be reduced by the full limits of such other coverage as set forth on the declarations page of the policy issued by the insolvent insurer. (6) A person having a claim against an insolvent insurer under any provision in an insurance policy is limited to ten million dollars aggregate payout from the association. (7) A person having a net worth of greater than twenty-five million dollars and having a claim against an insolvent insurer under any provision in an insurance policy may not make a claim against the association. SECTION Detection and prevention of insurer insolvencies. (A) The board of directors, upon majority vote, may make recommendations to the director, his designee, and the department for the detection and prevention of insurer insolvencies. (B) The board of directors, at the conclusion of any insurer insolvency in which the association was obligated to pay covered claims, may prepare a report on the history and causes of the insolvency, based on the information available to the association, and submit the report to the department. (C) The board of directors, upon majority vote, may respond to requests by the director or his designee to discuss and make recommendations regarding the status of any member insurer whose financial condition may be hazardous to policyholders or the public. These recommendations are not considered public documents. SECTION Examination and regulation of Association; financial reports. The association is subject to examination and regulation by the department. The board of directors shall annually submit, to the department, by March thirtieth a financial report for the preceding calendar year in a form approved by the director or his designee. SECTION Exemption of Association from fees and taxes. The association is exempt from payment of all fees and all taxes levied by this State or any of its political subdivisions, except taxes levied on real or personal property. SECTION Rates. The rates and premiums charged for insurance policies to which this chapter applies shall include amounts sufficient to recoup a sum equal to the amounts paid to the association by the member insurer less any amounts returned to the member insurer by the association. These rates may not be considered excessive because they contain an amount reasonably calculated to recoup assessments paid by the member insurer.
9 SECTION Immunity from liability for action taken under chapter. There is no liability on the part of, and no cause of action of any nature may arise against, any member insurer, the association s agents or employees, the board of directors, or the director or his representatives for any act or omission in the performance of their powers and duties under this chapter. This section does not relieve the association of any of its liability. SECTION Stay of proceedings involving insolvent insurers; rights of Association in these proceedings. All proceedings involving covered claims in which the insolvent insurer is a party or is obligated to defend a party in any court in this State must be stayed ninety days from the date insolvency is determined to permit proper defense by the association. The court may stay the proceedings for a longer period of time if the court finds the additional time is necessary to permit proper defense by the association. As to any judgment, decision, order, verdict, or finding based on the insurer s default or failure to defend the insured, the association may apply to have the judgment, decision, order, verdict, or finding set aside by the same court or administrator which made it and must be permitted to defend against the claim on its merits. SECTION Termination of Association by director. (1) The director or his designee shall by order terminate the operation of the association as to any kind of insurance covered by this chapter with respect to which he has found, after hearing, that there is in effect a statutory or voluntary plan which: (a) is a permanent plan which is adequately funded or for which adequate funding is provided; and (b) extends, or will extend, to the South Carolina policyholders and residents protection and benefits with respect to insolvent insurers not substantially less favorable and effective to such policyholders and residents than the protection and benefits provided with respect to such kinds of insurance under this chapter. (2) The director or his designee shall by the same order authorize discontinuance of future payments by insurers to the association with respect to the same kinds of insurance. However, the assessments and payments must continue, as necessary, to liquidate covered claims of insurers adjudged insolvent prior to the order and the related expenses not covered by such other plan. (3) In the event the operation of the association is terminated as to all kinds of insurance within its scope, the association shall as soon as possible thereafter distribute the balance of remaining money and assets, after first discharging the association s duties with respect to prior insurer insolvencies and related expenses not covered by such other plan. The distribution must be to the insurers which are then writing in this State policies of the kinds of insurance covered by this chapter and which had made payments to this association, pro rata upon the basis of the aggregate of the payments made by the respective insurers during the period of five years next preceding the date of the order. Upon completion of the distribution with respect to all of the kinds of insurance covered by this chapter, this chapter is considered to have expired.
IDAHO INSURANCE GUARANTY ASSOCIATION ACT 41-3601. Short title This act shall be known and may be cited as the "Idaho Insurance Guaranty Association Act." [1970, ch. 152, 1.] 41-3602. Repealed. 1997, ch.
WASHINGTON INSURANCE GUARANTY ASSOCIATION ACT Section 48.32.010. Purpose 48.32.020. Scope 48.32.030. Definitions 48.32.040. Creation of the association-required accounts 48.32.050. Board of directors 48.32.060.
POST-ASSESSMENT PROPERTY AND LIABILITY INSURANCE GUARANTY ASSOCIATION MODEL ACT To be reviewed, as per NCOIL bylaws, by the Property-Casualty Insurance Committee on November 20, 2014. Originally adopted
Article 4. North Carolina Self-Insurance Security Association. 97-130. Definitions. As used in this Article: (1) "Association" means the North Carolina Self-Insurance Security Association established by
ASSEMBLY, No. STATE OF NEW JERSEY th LEGISLATURE PRE-FILED FOR INTRODUCTION IN THE 0 SESSION Sponsored by: Assemblyman JOHN J. BURZICHELLI District (Salem, Cumberland and Gloucester) Co-Sponsored by: Assemblyman
Senate Bill 347 By: Senator Bethel of the 54th A BILL TO BE ENTITLED AN ACT 1 2 3 4 5 6 To amend Title 33 of the Official Code of Georgia Annotated, relating to insurance, so as to provide for extensive
CHAPTER 179 AN ACT concerning the workers' compensation security funds and amending and repealing various sections of chapter 15 of Title 34 of the Revised Statutes. BE IT ENACTED by the Senate and General
Table of Contents State of Rhode Island and Providence Plantations DEPARTMENT OF BUSINESS REGULATION Division of Insurance 1511 Pontiac Avenue Cranston, RI 02920 INSURANCE REGULATION 21 MEDICAL MALPRACTICE
THE OHIO STATE TROOPERS ASSOCIATION CRIMINAL DEFENSE LEGAL EXPENSE REIMBURSEMENT INSURANCE POLICY I. BENEFITS 1) In consideration of the premium specified on the Declaration Page forming part of this Master
INSURANCE GUARANTY ASSOCIATIONS IN CONNECTICUT THE CONSUMERS SAFETY NET Note: It is a prohibited unfair trade practice and a violation of state law for any person to make use in any manner of the existence,
MISSISSIPPI LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION PLAN OF OPERATION (As revised and adopted by the Board of Directors of the Association on May 18, 2006; Effective upon the written approval of
Article 62. Life and Health Insurance Guaranty Association. 58-62-1: Repealed by Session Laws 1991, c. 681, s. 57. 58-62-2. Title. This Article shall be known and may be cited as the North Carolina Life
Act No. 204 Public Acts of 2012 Approved by the Governor June 26, 2012 Filed with the Secretary of State June 27, 2012 EFFECTIVE DATE: June 27, 2012 Introduced by Rep. Shaughnessy STATE OF MICHIGAN 96TH
IC 27-8-8 Chapter 8. Indiana Life and Health Insurance Guaranty Association Law IC 27-8-8-0.3 Coverage obligations affected by statutory amendments; governing law Sec. 0.3. (a) The association's coverage
COMMERCIAL EXCESS LIABILITY COVERAGE FORM Each section in this Coverage Form may contain exclusions, limitations or restrictions of coverage. Please read the entire Coverage Form carefully to determine
Article 8B. Taxes Upon Insurance Companies. 105-228.3. Definitions. The following definitions apply in this Article: (1) Article 65 corporation. - A corporation subject to Article 65 of Chapter 58 of the
NEW YORK INSURANCE LAW ARTICLE 70 CAPTIVE INSURANCE COMPANIES Section 7001. Purpose and applicability. 7002. Definitions. 7003. License; power; filing; fees. 7004. Required capital and surplus as regards
Article 21. Surplus Lines Act. 58-21-1. Short title. This Article shall be known and may be cited as the "Surplus Lines Act". (1985, c. 688, s. 1.) 58-21-2. Relationship to other insurance laws. Unless
WORKERS' COMPENSATION SECURITY FUND ACT Act of Jul. 1, 1937, P.L. 2532, No. 470 Cl. 77 AN ACT To establish funds to provide security for the payment of benefits in event of the insolvency of an insurance
WEST VIRGINIA CODE CHAPTER 33. INSURANCE. ARTICLE 26A. WEST VIRGINIA LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION ACT. 33-26A-1. Short title. This article shall be known and may be cited as the "West
COMMERCIAL EXCESS LIABILITY POLICY DECLARATIONS Policy No. Renewal 1. NAMED INSURED AND MAILING ADDRESS 2. POLICY PERIOD From To 12:01 A.M. standard time at your mailing address shown above. : 3. LIMITS
NEW MEXICO SELF-INSURERS' FUND WORKERS' COMPENSATION AND EMPLOYERS' LIABILITY PLAN In return for the payment of the premium and subject to all terms of this Policy, we agree with you as follows. GENERAL
NEBRASKA DEPARTMENT OF INSURANCE P.O. BOX 82089 LINCOLN, NE 68501-2089 Requirements For Transacting Business as a Managing General Agent Article 49 Managing General Agents Section 44-4901 Act, how cited.
THE BEACON MUTUAL INSURANCE COMPANY CHARTER Rhode Island Public Laws 2003, Chapter 410, enacted August 6, 2003; as amended by Rhode Island Public Laws 2005, Chapter 117, Article16, Section10, enacted July
Article 2. Real Estate Education and Recovery Fund. 93A-16. Real Estate Education and Recovery Fund created; payment to fund; management. (a) There is hereby created a special fund to be known as the "Real
CHAPTER 26.1-31.1 REINSURANCE INTERMEDIARIES 26.1-31.1-01. Definitions. As used in this chapter: 1. "Actuary" means a person who is a member in good standing of the American academy of actuaries. 2. "Controlling
TITLE 16 DEPARTMENT OF REGULATORY AGENCIES CHAPTER 7 HAWAII MEDICAL MALPRACTICE UNDERWRITING PLAN Subchapter 1 General Provisions 16-7-1 Purpose 16-7-2 Membership Subchapter 2 The Plan 16-7-3 Members participation
TITLE 13 CHAPTER 12 PART 3 INSURANCE MOTOR VEHICLE INSURANCE UNINSURED AND UNKNOWN MOTORISTS COVERAGE 188.8.131.52 ISSUING AGENCY: New Mexico Public Regulation Commission Insurance Division. [7/1/97; 184.108.40.206
PATRIOT NATIONAL UNDERWRITERS, INC. Agent Agreement THIS AGENT AGREEMENT (the Agreement ) is made and entered into by and between Patriot National Underwriters, Inc., a Texas corporation ( Patriot ), and
PUBLIC ENTITY RISK MANAGEMENT AUTHORITY MEMORANDUM OF WORKERS COMPENSATION AND EMPLOYERS LIABILITY COVERAGE FOR THE PERIOD JULY 1, 2015 TO JUNE 30, 2016 EFFECTIVE: JULY 1, 2015 PUBLIC ENTITY RISK MANAGEMENT
Title 24-A: MAINE INSURANCE CODE Chapter 52: MAINE EMPLOYERS' MUTUAL INSURANCE COMPANY HEADING: PL 1991, c. 615, Pt. D, 1 (new) Table of Contents Section 3701. PURPOSE... 3 Section 3702. DEFINITIONS...
WC 00 00 00 A (Ed. 4-92) WORKERS COMPENSATION AND EMPLOYERS LIABILITY INSURANCE POLICY PLEASE READ THE POLICY CAREFULLY. QUICK REFERENCE BEGINNING ON PAGE INFORMATION PAGE GENERAL SECTION... 2 A. The Policy...
COMMERCIAL GENERAL LIABILITY CG 00 34 12 07 LIQUOR LIABILITY COVERAGE FORM THIS FORM PROVIDES CLAIMS-MADE COVERAGE. PLEASE READ THE ENTIRE FORM CAREFULLY. Various provisions in this policy restrict coverage.
WORKERS COMPENSATION AND EMPLOYERS LIABILITY INSURANCE POLICY In return for the payment of the premium and subject to all terms of this policy, we agree with you as follows: General Section A. The Policy
INDIAN HARBOR INSURANCE COMPANY (herein called the Company) This is a claims made Policy with defense expenses included. Please read and review the Policy carefully. INSURANCE AGENTS AND BROKERS ERRORS
VIRGINIA ACTS OF ASSEMBLY -- 2015 SESSION CHAPTER 585 An Act to amend and reenact 38.2-2206 of the Code of Virginia and to amend the Code of Virginia by adding in Article 7 of Chapter 3 of Title 8.01 a
3426. Commercial lines insurance; cancellation and renewal provisions. (a) Definitions. As used in this section: (1) "Covered policy" means, for purposes of this section, a policy of commercial risk insurance,
PLEASE NOTE: Legislative Information cannot perform research, provide legal advice, or interpret Maine law. For legal assistance, please contact a qualified attorney. Be it enacted by the People of the
COMMISSIONER OF INSURANCE 82-33 Ins 3.35 Wisconsin health care liability insurance plan. (1) FINDINGS. (a) Legislation has been enacted authorizing the commissioner of insurance to promulgate a plan to
WORKERS CO MPENSATION AND EMPLOYERS LIABILITY INSURANCE POLICY ABCDEFGHIJ In return for the payment of the premium and subject to all terms of this policy, we agree with you as follows: GENERAL SECTION
New York State Department of Labor Article 31 New York Professional Employer Act ART 31 (06/14) ARTICLE 31 NEW YORK PROFESSIONAL EMPLOYER ACT Section 915. Short title. 916. Definitions. 917. Continuing
State of Rhode Island and Providence Plantations DEPARTMENT OF BUSINESS REGULATION Division of Design Professionals 1511 Pontiac Avenue, Bldg. 69-2 Cranston, Rhode Island 02920 Public Notice of Proposed
20-279.21. "Motor vehicle liability policy" defined. (a) A "motor vehicle liability policy" as said term is used in this Article shall mean an owner's or an operator's policy of liability insurance, certified
CITY COUNTY INSURANCE SERVICES TRUST WORKERS' COMPENSATION COVERAGE AGREEMENT Various provisions of this agreement restrict coverage. Read the entire coverage agreement carefully to determine rights, duties,
Personal Property Title Insurance (PPT-1) Any notice of claim and any other notice or statement in writing required to be given to the Company under this Policy must be given to the Company at the address
DEPARTMENT OF LABOR AND EMPLOYMENT Division of Workers Compensation 7 CCR 1101-4 RULES GOVERNING THE ISSUANCE OF SELF INSURANCE PERMITS UNDER THE WORKERS' COMPENSATION ACT PART 1 INTRODUCTION STATEMENT
Insurance Department Sec. 38a-334 page 1 (10-00) TABLE OF CONTENTS Minimum Provisions for Automobile Liability Insurance Policies Covering Motor Vehicles Required areas of coverage.... 38a-334-1 Definitions....
Article 14. Dissolution. Part 1. Voluntary Dissolution. 55-14-01. Dissolution by incorporators or directors. (a) The board of directors or, if the corporation has no directors, a majority of the incorporators
GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2009 SESSION LAW 2009-561 SENATE BILL 749 AN ACT TO REVISE AND CLARIFY THE REQUIREMENTS FOR UNINSURED AND UNDERINSURED MOTORIST COVERAGE IN MOTOR VEHICLE LIABILITY
SENATE BILL 721 By Green AN ACT to amend Tennessee Code Annotated, Title 50 and Title 56, relative to workers compensation. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE: new chapter:
Title 210 - NEBRASKA DEPARTMENT OF INSURANCE Chapter 47 - GROUP SELF-INSURANCE RULE IMIPLEMENTING THE INTERGOVERNMENTAL RISK MANAGEMENT ACT 001. Authority. This rule is promulgated pursuant to the authority
Article 5. Deposits and Bonds by Insurance Companies. 58-5-1. Deposits; use of master trust. Notwithstanding any other provision of law, the Commissioner is authorized to select a bank or trust company
Model Regulation Service July 2009 LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION MODEL ACT Table of Contents Section 1. Section 2. Section 3. Section 4. Section 5. Section 6. Section 7. Section 8. Section
FORC QUARTERLY JOURNAL OF INSURANCE LAW AND REGULATION Summer 1998 June 20, 1998 Vol. X, Edition II CAPTIVE INSURANCE COMPANIES AND WORKERS COMPENSATION GROUP FUNDS IN THE SOUTHEAST: A COMPARATIVE VIEW
LCB File No. E001-02 EMERGENCY REGULATION OF THE COMMISSIONER OF INSURANCE (Effective for 120 days after March 15, 2002) (Proposed as LCB File No. R072-02) ESTABLISHES THE MEDICAL LIABILITY ASSOCIATION
Excess Lawyers Professional Liability Policy DECLARATIONS Attaching to and forming part of THIS IS A CLAIMS MADE EXCESS PROFESSIONAL LIABILITY INSURANCE - PLEASE READ CAREFULLY AND DISCUSS WITH YOUR INSURANCE
RESIDENTIAL LIMITED COVERAGE MORTGAGE MODIFICATION POLICY Issued By WFG NATIONAL TITLE INSURANCE COMPANY Any notice of claim and any other notice or statement in writing required to be given to the Company
ONYX BUSINESS AUTO POLICY COVERAGE Various provisions in this policy restrict overage Read the entire policy carefully to determine rights, duties and what is and is not covered. Throughout this policy
4123-17-15 Professional employer organizations. (A) Definitions. As used in rules 4123-17-15 to 4123-17-15.7 of the Administrative Code: (1) "Professional employer organization" or "PEO" has the same meaning
EXCESS PROFESSIONAL INDEMNITY INSURANCE POLICY Item 1. Policyholder: Address DECLARATIONS Policy Number: Chubb Insurance Company of Europe SE (herein called the Company ) Item 2. Limit of Liability: Item
GUIDE TO COMPENSATION PLAN FOR PROPERTY AND CASUALTY INSURERS May 2010 The compensation plan for property and casualty insurers (the "Plan") funded by property and casualty insurance companies resulted
Title 210 NEBRASKA DEPARTMENT OF INSURANCE Chapter 60 - UNFAIR PROPERTY AND CASUALTY SETTLEMENT PRACTICES RULE 001. Authority. This rule is adopted under the authority of the Unfair Insurance Claims Settlement
INDIANA BASIC PROPERTY INSURANCE UNDERWRITING ASSOCIATION (INDIANA F.A.I.R. PLAN) The following Indiana Basic Property Insurance Underwriting Association program (Indiana F.A.I.R. Plan) (hereinafter referred
Article 21. Surplus Lines Act. 58-21-1. Short title. This Article shall be known and may be cited as the "Surplus Lines Act". (1985, c. 688, s. 1.) 58-21-2. Relationship to other insurance laws. Unless
BELIZE LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 258 REVISED EDITION 2003 SHOWING THE SUBSTANTIVE LAWS AS AT 31ST MAY, 2003 This is a revised edition of the Substantive Laws, prepared by the Law Revision
Mediation of Emergency or Disaster-Related Insurance Claims This Act: provides for a voluntary mediation program for residential property insurance claims caused by disasters; requires sellers of property
GENERAL ASSEMBLY OF NORTH CAROLINA SESSION H HOUSE BILL Short Title: Regulate Reverse Mortgages. (Public) Sponsors: Representatives Brubaker, Easterling, Hasty, Ligon, Lineberry, Privette, and Woodard.
INDIANA BASIC PROPERTY INSURANCE UNDERWRITING ASSOCIATION (INDIANA F.A.I.R. PLAN) The following Indiana Basic Property Insurance Underwriting Association program (Indiana F.A.I.R. Plan) (hereinafter referred
WORKERS COMPENSATION GLOSSARY ACCIDENT An unplanned and unexpected event which occurs suddenly and at a definite place resulting in injury and/or damage. ACCIDENT FREQUENCY The rate of the occurrence of
1 MINNESOTA STATUTES 2015 62B.02 CHAPTER 62B CREDIT INSURANCE 62B.01 SCOPE. 62B.02 DEFINITIONS. 62B.03 FORMS OF CREDIT LIFE INSURANCE, CREDIT ACCIDENT AND HEALTH INSURANCE, AND CREDIT INVOLUNTARY UNEMPLOYMENT
Article 21. Reverse Mortgages. 53-255. Title. This Article shall be known and may be cited as the Reverse Mortgage Act. (1991, c. 546, s. 1; 1995, c. 115, s. 1.) 53-256. Purpose. It is the intent of the
Province of Alberta LIMITATIONS ACT Revised Statutes of Alberta 2000 Current as of December 17, 2014 Office Consolidation Published by Alberta Queen s Printer Alberta Queen s Printer 5 th Floor, Park Plaza
TITLE 81. BANKS AND FINANCIAL INSTITUTIONS CHAPTER 22. MISSISSIPPI DEBT MANAGEMENT SERVICES ACT [REPEALED EFFECTIVE JULY 1, 2013] Section 81-22-1. Short title [Repealed effective July 1, 2013] 81-22-3.
Chapter III -- POLICY AND CERTIFICATE PROVISIONS Subchapter B. -- Property and Casualty Insurance Part 71. -- Legal Defense Costs in Liability Policies (Regulation 107) Updated with all regulations adopted
Insurance Market Solutions Group, LLC Sub-Producer Agreement This Producer Agreement is made and entered into effective the day of, 20, by and between Insurance Market Solutions Group, LLC a Texas Company
DIVISION 2 WORKER S COMPENSATION CHAPTER 10 WORKER S COMPENSATION COMMISSION 10100. Reports: Forms Authorized. 10101. Same: Forms Prescribed and Authorized. 10102. Notices and Reports May be Filed With