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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 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.

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