Today is Friday, 22nd November 2024

CA: Little Assurance for Insurance Firms

This place appears to be a total mess. Some $1.6 billion in the red “…plagued by infighting and potentially gross mismanagement…” Mmmm, not good.

SACRAMENTO ? The California Insurance Guarantee Association may be the most important bureaucracy you’ve never heard of.

Founded under legislation in 1969, the association acts as a sort of insurance for insurance companies. If your provider goes broke, CIGA picks up your claim.

“Without CIGA, we would have been in an absolute financial disaster when the workers comp crisis hit,” said Michael Mattoch, an executive with USAA Financial Services. He describes CIGA as crucial piece of California’s infrastructure.

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