Model Insurers Supervision, Rehabilitation, And Liquidation Act Of 1977
Model law endorsed by the national association of insurance commissioners (naic) giving state regulators broad new powers to deal with financially troubled insurance companies. The act was intended to replace the model Insurers Rehabilitation and Liquidation Act, which me NAIC endorsed in 1969. The new model would make it easier for insurance commissioners to gain control of impaired insurers by listing new grounds for placing them in liquidation and rehabilitation. The act also sets liquidation standards for interstate cooperation among regulators.
Popular Insurance Terms
Medical malpractice that is the legal responsibility of a person or organization not in the medical profession or business. It is usually covered under a professional liability insurance ...
request by an insured for indemnification by an insurance company for loss incurred from an insured peril. ...
Individual retirement account (IRA) established to receive distribution of assets from a qualified pension or retirement plan. For example, if employees resign from their jobs and receive a ...
Maintenance of Social Security benefits at current dollar or percentage levels. Social Security benefits are indexed to the Consumer Price Index and rise in tandem with the Index. A benefit ...
Qualified pension or other employee benefit where responsibility rests with an employer rather than an insurer. A trust fund plan, where assets are deposited with and invested by a trustee, ...
In property insurance, a stipulated agreement between the insurance company and the insured that the amount of insurance coverage under the policy is sufficient to be in compliance with the ...
Inland marine policy addition that provides coverage to owners of sheep, and to warehouseowners who store wool as well as wool in transit. ...
Amount of the insurance company's liabilities for claims that have not been settled. If this reserve increases significantly in relation to the company's surplus, the risk is greater for ...
Life insurance contract that pays its owner dividends, which can be: taken as cash; applied to reduce a premium; applied to purchase an increment of paid-up insurance; left on deposit ...
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