Who regulates or oversees guaranty funds?
Typically, state guaranty funds are administered by an industry board that is elected by the guaranty fund members (that is, all companies writing licensed business in that state and paying assessments). There is oversight from the state’s commissioner of insurance, who reviews the fund’s plan of operation and may also audit a guaranty fund. In most states, appointment to the guaranty fund board is subject to the approval of the commissioner of insurance.
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