California Insurance Guarantee Association, Glendale, CA

California Insurance Guarantee Association
P.O. Box 29066
91209 Glendale
California
(818) 844-4300
(818) 291-1863

Description

It is the mission of the association to pay claims on a timely basis with no excessive delays and to help relieve the financial burden placed on claimants when insurance companies fail.
The California Insurance Guarantee Association (CIGA) operates under Sections §1063-1063.77 of the California Insurance Code. CIGA provides a mechanism for the payment of covered (as defined by the Insurance Code and specific case law) property, casualty, and workers' compensation insurance claims of insolvent insurance companies.


Company description
Since its creation in 1969, CIGA has successfully taken over the covered claim responsibilities of over one hundred insolvent Member Insurers. Between the years 1969 and 2000, CIGA averaged payments of approximately $51 million per year.

By the year 2004, a number of insolvencies from large Workers' Compensation Member Insurers greatly increased CIGA's payments. For the 2004 fiscal year, CIGA paid in excess of $1 billion in claims arising from insolvent Member Insurers. For the most recent five year period from 2003 through 2007, CIGA paid out in excess of $3.5 billion, an average of approximately $711 million per year for each of the past five years.
Keywords
Insurers, Properties, Casualty, Worker, Claims, Members, Payment, Protect, Pay, Duty, Discharge, Resident, Covered, Responsibility, Insolvency, Third Party, Priority, Administrators, Claimant, Insolvent, Mechanisms, Fiscal, Ciga
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