{"id":705,"date":"2024-07-22T16:50:46","date_gmt":"2024-07-22T16:50:46","guid":{"rendered":"http:\/\/cherishedmemoriesstudios.com\/?p=705"},"modified":"2024-07-24T16:25:37","modified_gmt":"2024-07-24T16:25:37","slug":"ncigf-moves-aheadto-support-insurers","status":"publish","type":"post","link":"http:\/\/cherishedmemoriesstudios.com\/index.php\/2024\/07\/22\/ncigf-moves-aheadto-support-insurers\/","title":{"rendered":"NCIGF Moves Aheadto Support Insurers"},"content":{"rendered":"<p><strong><em>By Max Dorfman, Research Writer, Triple-I<\/em><\/strong><\/p>\n<p>For the last 35 years, the <a href=\"https:\/\/www.ncigf.org\/\" data-type=\"link\" data-id=\"https:\/\/www.ncigf.org\/\">National Conference of Insurance Guaranty Funds<\/a> (NCIGF) \u2013 an organization dedicated to serving 55 property\/casualty state guaranty funds \u2013 has provided operational support; communications, education, and outreach; as well as public policy management for these organizations.<\/p>\n<p>State guaranty funds make up a privately funded, nonprofit state-based national system that pays covered claims up to a state\u2019s legally allowable limits, protecting policyholders if their insurer becomes insolvent. There are 55 such funds because some states have more than one.<\/p>\n<p>\u201cAll states have a property\/casualty guaranty association, and some have a workers compensation guaranty association,\u201d NCIGF President and CEO Roger Schmelzer explained in a recent \u201cExecutive Exchange\u201d with Triple-I CEO Sean Kevelighan.<\/p>\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"wp-block-embed__wrapper\">\n<p><iframe loading=\"lazy\" title=\"Executive Exchange with NCGIF\" width=\"960\" height=\"540\" src=\"https:\/\/www.youtube.com\/embed\/cbaL0-esGH4?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<\/div>\n<\/figure>\n<p>\u201cWe\u2019re not claims payers,\u201d Schmelzer said, \u201cWe try to do things for our members that they wouldn\u2019t be doing for themselves or that it\u2019s better to be doing in one place.\u201d<\/p>\n<p>For nearly five decades, the guaranty fund system has paid out more than $35 billion to cover claims against about 600 insolvencies.<\/p>\n<p>\u201cThrough the years, the system has successfully met every challenge that\u2019s come its way, and has been instrumental in supporting the insurance promise,\u201d Schmelzer said.<\/p>\n<p>NCIGF recently announced its updated organizational strategy, which focuses on:<\/p>\n<ul>\n<li><strong>Pre-liquidation planning with regulators and receivers, <\/strong><strong><\/strong><\/li>\n<li><strong>Understanding and preparing for the changing landscape in insolvencies,<\/strong> and<strong><\/strong><\/li>\n<li><strong>Seeking shared solutions to common problems among state associations.<\/strong><strong><\/strong><\/li>\n<\/ul>\n<p>\u201cWe want to understand better the trends and factors that could lead to insolvency,\u201d Schmelzer said. &#8220;Then we want to do everything we can with our members, working through our educational arm, to make sure members are prepared for whatever those trends might bring.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Max Dorfman, Research Writer, Triple-I For the last 35 years, the National Conference of Insurance Guaranty Funds (NCIGF) \u2013 an organization dedicated to serving 55 property\/casualty state guaranty funds \u2013 has provided operational support; communications, education, and outreach; as well as public policy management for these organizations. State guaranty funds make up a privately funded, nonprofit state-based national system that pays covered claims up to a state\u2019s legally allowable limits, protecting policyholders if their insurer becomes insolvent. There are 55 such funds because some states have more than one. \u201cAll states have a property\/casualty guaranty association, and some have a workers compensation guaranty association,\u201d NCIGF President and CEO Roger Schmelzer explained in a recent \u201cExecutive Exchange\u201d with Triple-I CEO Sean Kevelighan. \u201cWe\u2019re not claims payers,\u201d Schmelzer said, \u201cWe try to do things for our members that they wouldn\u2019t be doing for themselves or that it\u2019s better to be doing in one place.\u201d For nearly five decades, the guaranty fund system has paid out more than $35 billion to cover claims against about 600 insolvencies. \u201cThrough the years, the system has successfully met every challenge that\u2019s come its way, and has been instrumental in supporting the insurance promise,\u201d Schmelzer said. NCIGF recently announced its updated organizational strategy, which focuses on: Pre-liquidation planning with regulators and receivers, Understanding and preparing for the changing landscape in insolvencies, and Seeking shared solutions to common problems among state associations. \u201cWe want to understand better the trends and factors that could lead to insolvency,\u201d Schmelzer said. &#8220;Then we want to do everything we can with our members, working through our educational arm, to make sure members are prepared for whatever those trends might bring.\u201d<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[14],"tags":[],"_links":{"self":[{"href":"http:\/\/cherishedmemoriesstudios.com\/index.php\/wp-json\/wp\/v2\/posts\/705"}],"collection":[{"href":"http:\/\/cherishedmemoriesstudios.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cherishedmemoriesstudios.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/cherishedmemoriesstudios.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/cherishedmemoriesstudios.com\/index.php\/wp-json\/wp\/v2\/comments?post=705"}],"version-history":[{"count":1,"href":"http:\/\/cherishedmemoriesstudios.com\/index.php\/wp-json\/wp\/v2\/posts\/705\/revisions"}],"predecessor-version":[{"id":706,"href":"http:\/\/cherishedmemoriesstudios.com\/index.php\/wp-json\/wp\/v2\/posts\/705\/revisions\/706"}],"wp:attachment":[{"href":"http:\/\/cherishedmemoriesstudios.com\/index.php\/wp-json\/wp\/v2\/media?parent=705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cherishedmemoriesstudios.com\/index.php\/wp-json\/wp\/v2\/categories?post=705"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cherishedmemoriesstudios.com\/index.php\/wp-json\/wp\/v2\/tags?post=705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}