Policyholder Services



Does OMIC participate in state Insurance Guaranty Funds?

Most states have Insurance Guaranty Funds to provide coverage for claims made against policies issued by an admitted insurance carrier that has subsequently become insolvent and isn’t able to pay its obligations. However, the Risk Retention Act does not allow Risk Retention Groups to participate in such funds. While OMIC is not eligible to participate in a guaranty fund, OMIC, like admitted carriers, is subject to review by regulatory agencies for the specific purpose of ensuring solvency. As an RRG domiciled in Vermont, OMIC is regulated by the Vermont Department of Banking, Insurance, Securities, and Health Care Administration (BISHCA). Vermont has a solid reputation as a conservative, careful domicile. OMIC’s financial status is reviewed quarterly and audited every three or four years by BISHCA and audited annually by outside CPAs. In addition, OMIC is “registered” in all states and the District of Columbia and annually files with each state financial statements and other requested information. Because OMIC operates under very conservative financial guidelines and is fully reinsured for losses above $1,000,000, we believe the likelihood of insolvency is very low. We will continue to maintain very conservative guidelines and will take all necessary precautions to prevent financial instability or insolvency.

 

Updated 8/14/2015

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