Accession Number : ADA290089

Title :   Insurer Failures; Differences in Property/Casualty Guaranty Fund Protection and Funding Limitations.

Corporate Author : GENERAL ACCOUNTING OFFICE WASHINGTON DC GENERAL GOVERNMENT DIV

PDF Url : ADA290089

Report Date : 12 MAR 1992

Pagination or Media Count : 27

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.

Descriptors :   *FINANCIAL MANAGEMENT, *INSURANCE, UNITED STATES GOVERNMENT, REGULATORS, LIMITATIONS, PROTECTION, STANDARDS, CASUALTIES, CONSUMERS, LAW ENFORCEMENT, AUDITING, STATE LAW.

Subject Categories : Economics and Cost Analysis
      Government and Political Science

Distribution Statement : APPROVED FOR PUBLIC RELEASE