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Who Ya Gonna Call?

Learn what to do if your insurance carrier goes bankrupt.

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This story appears in the January 2004 issue of Entrepreneur. Subscribe »

Ever thought about what would happen if your insurance carrier went bankrupt? It's not impossible. Insurance companies are businesses-and like any business, it's not unheard of for them to face financial difficulties, including insolvency. Policyholders need to pay attention and react swiftly to protect their companies.

Here's what happens when an insurance company goes bankrupt. A public notice is issued, and the carrier also notifies policyholders, says Holly Bakke, commissioner of the New Jersey Department of Banking and Insurance and chair of the National Association of Insurance Commissioners' Insolvency Task Force.

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