Georgia Insurers Insolvency Pool Law and Legal Definition
The Georgia Insurers Insolvency Pool is a nonprofit legal organization. The pool provides fair insurance to insurers and policyholders. Insurers and policy holders are the members of the pool. All members of the pool will adhere to the rules of the organization.
Following is an example of the state statute (Georgia) describing the constituents of the pool:
O.C.G.A. § 33-36-2, states that Georgia Insurers Insolvency Pool shall consist of three accounts:
1.workers' compensation account;
2. automobile account; and
3. all other covered insurance account.
The pool will be responsible for the investigation, adjustment, compromise, settlement, and payment of covered claims. It will also be responsible for the investigation, handling, and denial of noncovered claims and for the management and investment of funds administered by the pool.