State Guaranty Fund

(redirected from Solvency Fund)

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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As of September 30, half of the assets from dissolved congregations will go to the pension solvency fund up to a maximum of $2 million, and the remaining 50 per cent will be "returned to the presbytery for mission work in their midst and beyond," the assembly decided.

At present, 25 per cent of the assets of dissolved congregations goes to the pension solvency fund, 52.

General Assembly: Business in Brief

All we can do is make sine the public knows that these entities are not regulated in the same way that other insurance companies m retorted and that they are not protected by state solvency funds.