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Evolution of NCIGF

Overview:

This panel will explore the evolution and formation of the National Conference of Insurance Guaranty Funds (NCIGF) and the broader guaranty fund system. The presentation will trace the history of the NAIC Model Act, including the legislative journey of how state guaranty associations established their own version.

The session will examine the legal and legislative challenges faced at the inception of NCIGF and the formation of the property and casualty guaranty associations, such as defining the legality of a "covered claim," setting claim caps, addressing late-filed claims, and the development of a network of guaranty fund counsel. The presentation will also highlight how early legislative efforts shaped the guaranty fund framework and responded to the evolving needs of the insurance industry.