Insurer Failures; Differences in Property/Casualty Guaranty Fund Protection and Funding Limitations.
Abstract
Our objectives were to determine the extent to which guaranty fund protection is consistent among states and the current and potential problems the funds may encounter in paying claims of insolvent companies. To address these objectives, we reviewed guaranty fund statutes; updated legal research; and discussed current guaranty fund issues with various fund officials, insurance regulators, industry experts, and consumer groups. We also developed a model of a hypothetical failure to assess the ability of the guaranty funds to handle one large insolvency. We did our work from December 1990 to October 1991 in accordance with generally accepted government auditing standards.
Document Details
- Document Type
- Technical Report
- Publication Date
- Mar 12, 1992
- Accession Number
- ADA290089
Entities
Organizations
- United States Government Accountability Office