Insurance Insolvencies
Channel: HouseResourceOrg
Date: 30/06/2011

Insurance Insolvencies - 19725-1-DVD - House Energy and Commerce - 1991-07-24 - House Energy and Commerce Committee. Subcommittee on Commerce, Consumer Protection and Competitiveness. The committee heard testimony from insurance industry representatives on the reliability state-run insurance guarantee funds, which are intended to repay holders of insurance policies from insurance companies that go bankrupt. Witnesses included two elderly holders of insurance policies who lost money upon the financial failure of the companies with which they held policies. Currently, insurance policies are not protected by a federal insurance program in the manner of banks and savings and loans, but rather are covered by state operated insurance programs. Louisiana and Washington, DC, do not have insurance programs for failed insurance companies. Differences exist in coverage between state programs, and a report cited by Chairperson Collins stated that the collapse of a single large insurance company may eliminate the ability of a state run program to repay insurance policy holders. Filmed by C-SPAN. Non-commercial use only. For more information, see http://www.c-spanvideo.org/program/19725-1