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 ?
The company's status of the insurer of last resort leads to adverse selection and inability to promptly adjust rates for individual lines of business; however, A.
The government would initially act as insurer of last resort to guard against an extreme flood that overwhelmed the fund, but taxpayer support would be withdrawn once the fund had accumulated enough cash to handle any likely flood on its own.
Legislation for fiscal 2006 appropriated $715 million from surpluses to the Citizens Property Insurance Corporation, a state-run property insurer of last resort and a $250 million outlay for loans to private insurance companies, as the state continues to prepare for the 2006 hurricane season.
Florida Insurance Commissioner Kevin McCarty has approved another round of take-outs from the state's bloated insurer of last resort.
Since Blue Cross is the state's insurer of last resort, as long as individuals make premium payments, they cannot lose their coverage for medical reasons, whereas some other private insurance can raise rates based on an individual's medical condition or stop coverage under such circumstances.
The state's insurer of last resort says it received 17,059 claims from Hurricane Isaac and 97 percent of those claims have been inspected.
The OIR says this year 84,339 policies have already been removed from Citizens--the state's insurer of last resort which has grown to become Florida's largest writer of property insurance.
In addition, these companies are also capped on potential assessments emanating from Citizens Property Insurance Company (Citizens; rated 'A-' by Fitch), the state-sponsored insurer of last resort.
the government-backed insurer of last resort, is the state's largest property guarantor.
Citizens, a statutorily- created insurer of last resort that provides property and casualty insurance to qualified risk in the state, issued the $750 million in bonds to augment the resources of its High-Risk Account, thereby enhancing its ability to pay claims arising from windstorm and other weather-related events.
Citizens Property Insurance Corporation, a public sponsored entity and Florida's insurer of last resort, is a case in point.
As the state's insurer of last resort, the fund needed protection, says Carroll, and only by becoming an independent corporation could its surplus be protected.