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Frequently Asked Questions

The OIGA (Oregon Insurance Guaranty Association) is triggered when there has been a finding of insolvency AND the Order of Liquidation has been signed by the court.

The Purpose of the OIGA is to provide for the payment of covered claims under certain insurance policies, to avoid excessive delay in payment and to avoid financial loss to claimants or policyholders because of the insolvency of an insurer.

A "bar date" is the last date a claimant may file a claim with an insolvent insurance company. After that date, the claimant is "barred" from filing further claims. The OIGA uses the same "bar date" as the liquidating company.

Insureds whose net worth exceeds $25 million on December 31 of the year next preceding the date the insurer becomes an insolvent insurer, provided that an insureds's net worth on such date is deemed to include the aggregate net worth of the insured and all of its subsidiaries as calculated on a consolidated basis. These insureds will be required to reimburse the OIGA for losses and expenses relating to claims paid on their behalf.

Yes, the OIGA does reimburse unearned premium due to the policyholder after receiving information from the liquidating company.

by Dr. Radut