Who Ya Gonna Call?
Learn what to do if your insurance carrier goes bankrupt.
By Jacquelyn Lynn •
Opinions expressed by Entrepreneur contributors are their own.
Ever thought about what would happen if your insurance carrierwent bankrupt? It's not impossible. Insurance companies arebusinesses-and like any business, it's not unheard of for themto face financial difficulties, including insolvency. Policyholdersneed to pay attention and react swiftly to protect theircompanies.
Here's what happens when an insurance company goes bankrupt.A public notice is issued, and the carrier also notifiespolicyholders, says Holly Bakke, commissioner of the New JerseyDepartment of Banking and Insurance and chair of the NationalAssociation of Insurance Commissioners' Insolvency TaskForce.
Continue reading this article — and all of our other premium content with Entrepreneur+
For just $5, you can get unlimited access to all Entrepreneur’s premium content. You’ll find:
- Digestible insight on how to be a better entrepreneur and leader
- Lessons for starting and growing a business from our expert network of CEOs and founders
- Meaningful content to help you make sharper decisions
- Business and life hacks to help you stay ahead of the curve