All admitted companies licensed to write property and casualty insurance in Georgia are required to be members of the Georgia Insurers Insolvency Pool.
Member insurers help fund the Pool's operations and claim-payment obligations through assessments, as provided by Georgia law. When a member insurer is declared insolvent and ordered into liquidation, GIIP works with the Receiver or Liquidator to assume responsibility for covered claims and distribute the cost of protection among licensed member companies.
Membership
Membership in GIIP is required for insurers authorized to write covered lines of business in Georgia. Member companies contribute to the Pool's funding so that covered policyholder and claimant obligations can continue to be met in the event of an insurer's insolvency.
Assessments
The cost of protecting Georgia policyholders is distributed among member insurers through assessments established under Georgia law. Specific assessment procedures and reporting requirements are administered in accordance with the GIIP Act and the Pool's Plan of Operation.