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A state guaranty association is not a government agency, but states usually require insurance companies to belong to it as a condition of being licensed to do business. The guaranty associations of the fifty states are members of a national umbrella association, the National Organization of Life and Health Insurance Guaranty Associations (NOLHGA).
Each state guaranty association is governed by state law; most associations cover up to at least $300,000 for life insurance death benefits, $100,000 in cash surrender value for life insurance, $250,000 in withdrawal and cash values for annuities, and up to $500,000 in health insurance policy benefits (depending on the type of health insurance ...
Property and casualty guaranty funds step in to pay the covered claims (which would otherwise go partially or entirely unpaid) of policyholders of an insolvent insurer at levels determined by state law. This ensures policyholders and claimants at greatest risk are protected from the most severe consequences of an insurer's failure.
Consumers and business owners purchase insurance to protect against financial risks. Insurance companies have risks too, though, and there is always a chance the firm will go under or be unable to ...
The Pension Benefit Guaranty Corporation (PBGC) is a United States federally chartered corporation created by the Employee Retirement Income Security Act of 1974 (ERISA) to encourage the continuation and maintenance of voluntary private defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiums at the lowest level necessary ...
The Michigan Higher Education Assistance Authority (MHEAA) was created by the State of Michigan in 1960 through Public Act 77. One of the major components of MHEAA is the Michigan Guaranty Agency (MGA), the federally designated guarantor of federal student loans in Michigan. In that capacity, MHEAA-MGA primarily backs Michigan students by ...
The agency also established the West Bank and Gaza Investment Guarantee Trust Fund with a capacity of $20 million ($29 million in 2012 dollars [4]). In 1998, the Council of Governors of MIGA adopted a resolution establishing a general capital increase of $850 million ($1.2 billion in 2012 dollars [ 4 ] ), and transferring a grant of $150 ...
The Michigan Law Review was established in 1902, after Gustavus Ohlinger, a student in the Law Department (now the Law School) of the University of Michigan, approached the dean with a proposal for a law journal. [1] The Michigan Law Review was originally intended as a forum in which the faculty of the Law Department could publish its legal ...