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.
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.
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The National Conference of Insurance Guaranty Funds (NCIGF) is a non-profit, member-funded association that provides national assistance and support to the property and casualty guaranty funds located in each of the 50 states and the District of Columbia. The NCIGF works in close cooperation with the property and casualty insurance trade associations to monitor and respond to issues that might impact state guaranty funds. The group serves as a trusted expert, informing trade and other organizations as they develop model legislation related to state guaranty fund laws.
The following information is intended to provide only a basic overview of the insolvency process and guaranty fund laws. It is not intended to provide individual or legal advice on a specific situation. For questions about your specific situation, please consult with your state guaranty association and/or legal counsel.
Uniform Data Standards (UDS) is an electronic communication protocol that uses a series of defined computer file formats to permit guaranty associations to electronically report insolvency-related claims - and soon financial data - to receivers. UDS traces its origins to 1990 when the NCIGF, guaranty associations and receivers established the NAIC UDS TSG and later the UDS FTSG.
Data and information set forth on this Web site has been provided by or derived from data and information provided by third parties. Although we believe that the data and information are generally correct, and care has been taken in the creation and maintenance of this data, we have not made any effort to independently verify such data, and we, therefore, do not assume any responsibility whatsoever for its accuracy. It is important to understand that in some cases, estimates developed by either NCIGF or third parties have been used.
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