Assigned Risk Plan

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Assigned Risk Plan

An insurance plan created and imposed by state statute under which persons who normally would be denied insurance coverage as bad risks are permitted to purchase insurance from a pool of insurers who must offer coverage to such individuals.

References in periodicals archive ?
Noncompliance may lead to fines, a camp's inability to secure workers compensation insurance outside of assigned risk plans, which have higher rates and surcharges, and payment of damages for injuries to employees that come out of company assets or current camp income.
In a state represented by one association, issues like no-fault and assigned risk plans are discussed with all members and the association's position is based on the decision of the board made up solely of voting members who represent the overall membership.
Other states that have gone to less regulated markets have seen their assigned risk plans shrink.
The existence of this exemption allows companies to exchange critical data regarding losses and other factors, facilitates the development and operation of assigned risk plans, facilitates participation and oversight of state guarantee funds, permits state control over liquidations of insurers, and promotes competition in the marketplace," Gackenbach says.
In states with workers' comp assigned risk plans, insurance company management must evaluate the relative merits of being a direct assignment carrier vs.
This study analyzes the differences between the two major forms of automobile residual market facility used in the United States: assigned risk plans (ARPs) and joint underwriting associations (JUAs).
It is also a nationwide third-party administrator of workers' compensation and property/liability claims, and the nation's second largest servicing carrier for workers' compensation assigned risk plans, now serving plans in 20 states.
Burnes, however, has said she has seen no evidence to support claims that the assigned risk plans would grow that large.
11 caused the first overall industry loss in 2001, familiar challenges are predominantly featured in this cycle's plot, from rising loss costs to repopulation of assigned risk plans to a shortage of underwriting talent.
This business consists of automobile, homeowners and package personal lines products, as well as two insurance reciprocals, New Jersey Skylands Insurance Association and Adirondack Insurance Exchange, but excludes AutoOne, a limited assigned distribution/commercial servicing carrier for assigned risk plans and take-out business.
RTW provides these services, primarily directed at workers' compensation to: (i) employers insured through its wholly-owned insurance subsidiaries, ACIC and BCIC; (ii) self-insured employers on a fee-for-service basis; (iii) state assigned risk plans on a percent of premium basis; (iv) other insurance companies; and (v) agents and employers on a consulting basis, charging hourly fees.
RTW provides these services, primarily directed at workers' compensation to: (i) employers insured through its wholly-owned insurance subsidiaries, American Compensation Insurance Company ("ACIC") and Bloomington Compensation Insurance Company ("BCIC"); (ii) self-insured employers on a fee-for-service basis; (iii) state assigned risk plans on a percent of premium basis; (iv) other insurance companies; and (v) agents and employers on a consulting basis, charging hourly fees.