insurer of last resort

insurer of last resort

An insurance plan that accepts 'uninsurable' persons who have expensive and/or chronic diseases, and cannot obtain coverage at market rates. See Blues.
References in periodicals archive ?
Jones said while some of these risks are being picked up by other admitted insurers, many of these consumers are being forced to purchase coverage through the FAIR Plan, the state's insurer of last resort, or the surplus lines market.
About 394,000 Texas children who are ineligible for Medicaid - the joint state-federal health insurer of last resort - are covered under CHIP, and another 249,000 Texas children on Medicaid benefit from CHIP.
8 the EAIC will convene as a subcommittee to study workers compensation and, in particular, the future of Montana State Fund, which serves as an insurer of last resort in the state.
For all intents and purposes, Horizon is the insurer of last resort in New Jersey.
S4 would have also classified Horizon as an insurer of last resort.
In December 2014 alone, Citizens Property Insurance Corporation, the state's insurer of last resort, received 562 AOB lawsuits, 513 involving water claims--nearly all of them from Miami-Dade, Broward and Palm Beach counties.
The industry's strongest showings were in Florida, which passed legislation to lower assessments prescribed by Citizens, the insurer of last resort, and in Alabama, which passed legislation allowing policyholders to create tax-free catastrophe savings accounts and give premium tax credits to companies for coastal writing.
Today's ruling by the European Court now makes the airlines the insurer of last resort even when in the majority of cases (such as ATC delays or national strikes in Europe) these delays are entirely beyond an airline's control.
The insurance firm, considered to be the insurer of last resort for the state, has announced that it will provide up of USD350m in loans to private companies willing to take over policies.
As many other property insurers have fled the state, Citizens became the ultimate insurer of last resort.
It would provide the Government with a way forward that did not require public funding, but which would require the Government to be insurer of last resort.
Citizens, created in 2002, was originally intended to be the insurer of last resort for property risks in Florida.