Guaranty Fund Management Svc

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Description

Guaranty Fund Management Services was formed when The Connecticut Insurance Guaranty Association, District of Columbia Insurance Guaranty Association, Maine Insurance Guaranty Association, Massachusetts Insurers Insolvency Fund, New Hampshire Insurance Guaranty Association, Rhode Island Insurers' Insolvency Fund, Vermont Property and Casualty Insurance Guaranty Association and Virginia Property and Casualty Insurance Guaranty Association (collectively, "the associations and funds"), created by statute in their respective jurisdictions and operating on a post-insolvency assessment basis, recognized the mutual advantages to be derived from maintaining a single efficient management and claims service organization with a qualified staff and professional quality ready to serve the associations and funds as needed. Notwithstanding the difficulty of forecasting when and where insurer insolvencies will occur and what their impact may be on a particular association or fund, the associations and funds also desired to provide, as far as practicable, for the availability of experienced staff and service facilities on an ongoing basis and, therefore, formed a voluntary, non-profit, unincorporated association for that purpose known as Guaranty Fund Management Services ("GFMS

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