Insurance Guaranty Fund definition

Insurance Guaranty Fund means the fund established under the statutes or laws of any state to provide for the payment of claims against insolvent insurance companies, including but not limited to the Tennessee Insurance Guaranty Association Act (Tennessee Code Annotated Section 56-12-101, et seq.).
Sample 1Sample 2Sample 3

Examples of Insurance Guaranty Fund in a sentence

  • Because the Specified Policies are property casualty policies that were issued in Michigan, the Dividing Companies have been, and the Merger Cos will become members of the Michigan Property and Casualty Guaranty Association (“MPCGA”) and the Illinois Insurance Guaranty Fund (“IIGF”) upon their licensure in Michigan and Illinois, respectively.

  • The loan was made in an effort to depopulate the New Jersey Automobile Insurance Guaranty Fund and to help satisfy its unfunded liability.

  • The New Jersey Automobile Insurance Guaranty Fund has received a $1.3 billion loan from the New Jersey Property-Liability Insurance Guaranty Association.

  • The New Jersey Automobile Insurance Guaranty Fund received a $1.3 billion loan from the New Jersey Property-Liability Insurance Guaranty Association.

  • The expenses of such property and casualty guaranty associations, including the Illinois Insurance Guaranty Fund, shall be reimbursed as prescribed by Section 545, but shall be subordinate to all other costs and expenses of administration, including the expenses reimbursed pursuant to subparagraph (ii) of this paragraph (a).

  • For example, in 1987, the Indiana Insurance Guaranty Fund was manually reporting claim information to 39 active insolvencies, utilizing 31 separate reporting formats.

  • OCD is pursuing litigation against the Mississippi Insurance Guaranty Fund (“MIGA”), in which OCD has asserted that MIGA is responsible for asbestos claims that would otherwise have been paid by a now-insolvent excess insurer.

  • On January 28, 2010, the Debtors filed a motion for approval of settlement agreements among (i) the Debtors; (ii) certain Participating Insurers (as defined below), the New Jersey Property-Liability Insurance Guaranty Association (“NJPLIGA”), and the New Jersey Surplus Lines Insurance Guaranty Fund (“NJSLIGF”); (iii) the Asbestos Claimants’ Committee; and (iv) the Claimants’ Representative (the “Multi-Insurer Settlement Agreements”).

  • The National Conference of Insurance Guaranty Fund (NCIGF) assists in coordinating administration of insolvencies of property and liability insurers.

  • The Arizona Supreme Court previously held that the purpose of voluntary payments provision is “to protect the insurer's right to a fair adjudication of the insured's liability and to prevent collusion between the insured and the injured person.” The court held an insured's breach of the clause ordinarily would “relieve[ ] a prejudiced insurer of liability under the policy.” Id. citing Arizona Property & Casualty Insurance Guaranty Fund v.

Related to Insurance Guaranty Fund

  • Mortgage guaranty insurance means surety insurance under which a mortgagee or other creditor is indemnified against losses caused by the default of a debtor.

  • Insurance Companies means the companies with whom the Insurance Policies are held.

  • FHA Mortgage Insurance means, mortgage insurance authorized under the National Housing Act, as amended from time to time, and provided by the FHA.

  • Mortgage Impairment Insurance Policy A mortgage impairment or blanket hazard insurance policy as described in Section 4.11.

  • Blanket insurance policy means a group policy covering a defined class of

  • FHA Mortgage Insurance Contract means the contractual obligation of the FHA respecting the insurance of a Mortgage Loan.

  • Hazard Insurance Policy means, with respect to each Contract, the policy of fire and extended coverage insurance (and federal flood insurance, if the Manufactured Home is secured by an FHA/VA Contract and such Manufactured Home is located in a federally designated special flood area) required to be maintained for the related Manufactured Home, as provided in Section 5.09, and which, as provided in said Section 5.09, may be a blanket mortgage impairment policy maintained by the Servicer in accordance with the terms and conditions of said Section 5.09.

  • R&W Insurance Policy has the meaning set forth in Section 6.15.

  • Insurance Assignment each collateral assignment of insurance pursuant to which an Obligor assigns to Agent, for the benefit of Secured Parties, such Obligor’s rights under key-man life, business interruption or other insurance policies as Agent deems appropriate, as security for the Obligations.

  • insurance agent means, subject to subsection (2), any person who for any compensation and through any medium does one or more of the following:

  • Insurance group means the persons that comprise an insurance holding company system.

  • Mortgage Insurance means insurance protecting Lender against the nonpayment of, or default on, the Loan.

  • Primary Mortgage Insurance Policy Any primary mortgage guaranty insurance policy issued in connection with a Mortgage Loan which provides compensation to a Mortgage Note holder in the event of default by the obligor under such Mortgage Note or the related Security Instrument, if any or any replacement policy therefor through the related Interest Accrual Period for such Class relating to a Distribution Date.

  • Bond Insurance Policy means the municipal bond insurance policy, if any, issued by the Bond Insurer that guarantees payment of principal of and interest on the Bonds and constitutes a Bond Facility under the Indenture.

  • Insurance Policy With respect to any Mortgage Loan included in the Trust Fund, any insurance policy, including all riders and endorsements thereto in effect, including any replacement policy or policies for any Insurance Policies.

  • Insurance Company The Transferee is an insurance company whose primary and predominant business activity is the writing of insurance or the reinsuring of risks underwritten by insurance companies and which is subject to supervision by the insurance commissioner or a similar official or agency of a state, U.S. territory or the District of Columbia.

  • Health-care-insurance receivable means an interest in or claim under a policy of insurance which is a right to payment of a monetary obligation for health-care goods or services provided.

  • Standard Hazard Insurance Policy means a fire and casualty extended coverage insurance policy in such amount and with such coverage as required by this Agreement.

  • group insurance means blanket insurance and franchise insurance and any other forms of group insurance.

  • Hazard Insurance A fire and casualty extended coverage insurance policy insuring against loss or damage from fire and other perils covered within the scope of standard extended hazard coverage naming the Servicer, its successors and assigns, as a mortgagee under a standard mortgagee clause, together with all riders and endorsements thereto.

  • Life Insurance Policy has the meaning given in Section 6.11.

  • Primary Mortgage Insurance Insurance obtained from a Primary Mortgage Insurer which insures the holder of a Mortgage Note against loss in the event the related Borrower defaults under such Mortgage Note or the related Security Instrument, including all riders and endorsements thereto.

  • Insurance Policies has the meaning set forth in Section 3.16.

  • Certificate Insurance Policy The Financial Guaranty Insurance Policy No. CA01172A, and all endorsements thereto dated the Closing Date, issued by the Certificate Insurer for the benefit of the Class AF-3 Certificateholders.

  • Reimbursement insurance policy means a policy of insurance

  • Title Insurance Policy A title insurance policy maintained with respect to a Mortgage Loan.