Forums
New posts
Search forums
What's new
New posts
New media
New media comments
Latest activity
Classifieds
Media
New media
New comments
Search media
Log in
Register
What's New?
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Navigation
Install the app
Install
More Options
Advertise with us
Contact Us
Close Menu
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Forums
The Water Cooler
General Discussion
My insurance guy is saying that premiums are climbing in Okla due to last year's hail
Search titles only
By:
Reply to Thread
This site may earn a commission from merchant affiliate links, including eBay, Amazon, and others.
Message
<blockquote data-quote="inactive" data-source="post: 1424491" data-attributes="member: 7488"><p>Actually, they most don't declare bankruptcy, as they are Mutual or Reciprocal Exchanges owned by their policyholders and cannot use such techniques to protect their finances; their problem is not debt.</p><p></p><p>If their claim obligations exceed their surplus, they are declared insolvent, and basically the Department of Insurance for the state takes over. Most of the time, other insurance companies get stuck inheriting the remains of the older companies (the DOI makes them agree to stuff like this in order to be allowed to write insurance in the state... same deal with "force placed" or "assigned risk" auto policies), and is supplemented by disaster relief funds (think taxpayer money, like FEMA). No one likes insolvency, as it screws both the public AND the other insurers.</p><p></p><p>AIG was a public company, and their problem was with gambling on their non-insurance investments and other corporate activities. Their property/casualty insurance business was pretty well ran. No solvency problems there.</p></blockquote><p></p>
[QUOTE="inactive, post: 1424491, member: 7488"] Actually, they most don't declare bankruptcy, as they are Mutual or Reciprocal Exchanges owned by their policyholders and cannot use such techniques to protect their finances; their problem is not debt. If their claim obligations exceed their surplus, they are declared insolvent, and basically the Department of Insurance for the state takes over. Most of the time, other insurance companies get stuck inheriting the remains of the older companies (the DOI makes them agree to stuff like this in order to be allowed to write insurance in the state... same deal with "force placed" or "assigned risk" auto policies), and is supplemented by disaster relief funds (think taxpayer money, like FEMA). No one likes insolvency, as it screws both the public AND the other insurers. AIG was a public company, and their problem was with gambling on their non-insurance investments and other corporate activities. Their property/casualty insurance business was pretty well ran. No solvency problems there. [/QUOTE]
Insert Quotes…
Verification
Post Reply
Forums
The Water Cooler
General Discussion
My insurance guy is saying that premiums are climbing in Okla due to last year's hail
Search titles only
By:
Top
Bottom