Statement of Christian J. Rataj
State Affairs Manager
National Association of Mutual Insurance Companies
"SF 113 would update the Wyoming Insurance Guaranty Association Act in a pro-insurance consumer way by waiving the insurance consumer’s deductible; increasing the financial limits of claims coverage from $150,000 to $300,000; clarifying the definition of a ‘covered claim’; and amending the time limits for filing an insurance claim with the guaranty fund.
“NAMIC supports the proposed legislation because the bill will help streamline and economize the claims adjusting process and help protect against fraudulent claims and tardy claims, which make it difficult for the guaranty fund administrator to set claim reserves to address pending claims exposure and determine the amount of insurer assessments.
“NAMIC has supported similar legislation in other states because it is consistent with a national trend in guaranty fund law modernization and is in line with the principles of the National Conference of Insurance Guaranty Funds.”
Contact: Lisa Floreancig
Public Affairs Director - State & Policy Affairs
Posted: Tuesday, January 29, 2013 9:55:43 AM. Modified: Tuesday, January 29, 2013 10:02:16 AM.
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