Mississippi Insurance Guaranty Association

MANAGE IN A PROFESSIONAL AND TIMELY MANNER THE PROPERTY-CASUALTY INSOLVENCIES FOR WHICH MIGA IS RESPONSIBLE BY DISCHARGING ASSOCIATION DUTIES IN ACCORDANCE WITH GOVERNING STATUTES AND PLAN OF OPERATING PROVISIONS.

THE MISSISSIPPI INSURANCE GUARANTY ASSOCIATION IS A NON-PROFIT ENTITY AUTHORIZED UNDER THE MISSISSIPPI INSURANCE GUARANTY ASSOCIATION LAW AS OF APRIL 6, 1970. THE ASSOCIATION PROVIDES A MECHANISM FOR THE PAYMENT OF COVERED CLAIMS UNDER CERTAIN INSURANCE POLICIES TO AVOID EXCESSIVE DELAY IN PAYMENT AND AVOID FINANCIAL LOSS TO CLAIMANTS OR POLICYHOLDERS BECAUSE OF THE INSOLVENCY OF AN INSURER. THE ACT REQUIRES ALL INSURERS WHO WRITE DIRECT INSURANCE EXCEPT LIFE, TITLE, SURETY, DISABILITY, CREDIT, MORTGAGE GUARANTY, AND OCEAN MARINE INSURANCE TO BE MEMBERS OF THE ASSOCIATION AS A CONDITION OF THEIR AUTHORITY TO TRANSACT INSURANCE BUSINESS IN MISSISSIPPI.THE ACT GRANTS THE ASSOCIATION THE POWERS TO ASSESS INSURERS AMOUNTS NECESSARY TO PAY CLAIMS AND OTHER EXPENSES OF THE ASSOCIATION. THE ASSESSMENT OF EACH MEMBER INSURER IS IN THE PROPORTION THAT THE NET DIRECT WRITTEN PREMIUMS FOR THE MEMBER INSURER FOR THE PRECEDING CALENDER YEAR BEARS TO THE NET DIRECT WRITTEN PREMIUMS OF ALL MEMBER INSURERS FOR THE PRECEDING CALENDER YEAR. THE ASSESSMENT FOR ANY YEAR IS LIMITED TO ONE PERCENT OF THAT MEMBER'S DIRECT WRITTEN PREMIUMS FOR THE PRECEEDING CALENDER YEAR.RECOVERIES, IF ANY, FROM THE RECEIVER OR LIQUIDATOR OF INSOLVENT INSURERS ARE TO BE REFUNDED TO THE MEMBER INSURERS IN PROPORTION TO THE CONTRIBUTIONS OF EACH MEMBER INSURER TO THE ASSOCIATION.