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Understanding the Safety Net Provided by Property and Casualty Insurance Guaranty Associations

January, 2010  | By Alan N. Gamse

(Published in The Brief, Volume 40, Number 1, Fall 2010. © 2010 by the American Bar Association.)

When insurers in the United States become insolvent, they are not eligible to utilize the Federal bankruptcy system. Instead, they are liquidated pursuant to state insurer insolvency laws and under the authority of the state judiciary system. Policyholders of, and claimants against, such insurers may be protected from loss by property and casualty insurance guaranty associations established under state law. This article explains how the insurance guaranty association works and how its protections are accessed.

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