The District Court of Shawnee County, Kansas has declared MutualAid eXchange (MAX) insolvent, and the company has been placed into liquidation pursuant to a petition filed by the Commissioner of Insurance. The court ruled MAX to be insolvent on August …
The Louisiana Insurance Guaranty Association (LIGA) announced it is is streamlining its handling of claims for policyholders of insolvent insurers with advanced property estimating technology from Verisk. LIGA is using Verisk’s Xactware® property claims-handling solutions, including Xactimate® and XactAnalysis®, to …
A state-chartered bailout fund is seeking to borrow $600 million after seven Louisiana insurers went bust following 2021’s Hurricane Ida. The Times-Picayune ‘ The New Orleans Advocate reports that the Louisiana Insurance Guaranty Association will seek approval of the plan …
A Louisiana district court judge last week ordered the liquidation of Lighthouse Property Insurance Co., the troubled homeowners insurer who held policies in Louisiana, Florida, Texas, North Carolina and South Carolina. Judge Richard “Chip” Moore, III of the 19th Judicial …
State Guaranty Funds. Many agency owners, producers, and CSRs believe state guaranty funds provide blank insolvency protection for any client insured by an admitted carrier. This is not true. Many state’s guaranty funds are limited to insureds of a certain …
Allianz Risk Transfer (ART NY) has vowed to strongly repudiate charges levied by Florida regulators that it contributed to the collapse of a domestic property insurer by seizing management control and saddling it with millions in fees. The Florida Department …
Florida regulators are alleging that insurer Allianz and its companies contributed to the collapse of a Florida domestic property insurer by taking out more than $20 million in assets and rendering it unable to meet its financial obligations. The Florida …
The state insurance guaranty fund can be considered the last insurer on a workers’ compensation risk that has multiple insurers and be initially liable for paying benefits to the injured employee, with the right to recover from the other insurers, …
