How does a policyholder receive compensation from PACICC?

EthanDEthanD
in PACICC.Comp

So, PACICC jumps in when an insurer has been issued a formal wind-up order, and if the insurer is a member of PACICC. Does a policyholder has to apply to PACICC to receive compensation, or will the payment be made automatically?

Comments

  • Staff-TSStaff-TS
    edited April 8

    Excellent question.

    The source material on this subject is quite vague, and I can't immediately find an answer on their website. As a result, I would not think this is testable.

    I can also imagine that every insolvency is different, and may need to be handled in different ways. Speculating, it sounds like:

    • Claims that have already been reported to the insurer would be taken over by the PACICC.
    • Claims that have occurred but have not been reported, will likely need to be reported to the PACICC in some way.
  • EthanDEthanD

    Thank you!

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