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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
Describing the progrom, Runge said it "prrovide a voluntary placement facility for all motor vehicle owners and operators, completely replacing the Provincial assigned risk plans which were similar to our state assigned risk plans.
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.
"Other states that have gone to less regulated markets have seen their assigned risk plans shrink."
In states with workers' comp assigned risk plans, insurance company management must evaluate the relative merits of being a direct assignment carrier vs.
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.
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.
In his next paragraph, the writer quickly glosses over Vermont's approach to such items as "recognition of insurance and exemption from guarantee funds, joint underwriting associations and assigned risk plans." We are all aware of this current situation and of the fickle nature of onshore regulators.