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State Guaranty Fund
(redirected from Solvency Fund)

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State Guaranty Fund
A fund administered by the government of a U.S. state protecting policyholders and pensioners from the default of an insurance company. That is, if an insurance company is licensed to operate in a given state, policyholders within that state are protected because, if the company defaults on its payments, the state guaranty fund will pay the policyholder instead. Insurance companies pay a small percentage of their revenues to different states to finance state guaranty funds.
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Surplus lines insurers are not licensed in states in which they insure, absolving them from policy and rate restrictions in those states and expensive contributions from state solvency funds.
Colony's Latham: Cycles and Surplus Lines by Strazewski, Len / Risk & Insurance
 
 
 
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