Is Professional Quality Liability Insurance Company a member of the New Jersey Property-Liability Insurance Guaranty Association?
A. No. State insurance insolvency guaranty funds are not available. Although it does not participate in the State Guaranty Fund, PROQUAL anticipates that it will receive sufficient premiums to pay expected claims. PROQUAL’s premiums are actuarially determined on an annual basis, in consideration of expected losses on a discounted basis. PROQUAL is reinsured by Commercial Professional Insurance Company, domiciled in Bermuda, and a wholly owned subsidiary of SBHCS. Insurance documents issued to insured physicians, dentists or podiatrists will state the following: The policy is issued by the Professional Quality Liability Insurance Company, a Risk Retention Group. The risk retention group may not be subject to all of the insurance laws and regulations in the State of New Jersey. State insurance insolvency guaranty funds are not available for your risk retention group. As a Risk Retention Group, PROQUAL is not an admitted insurance company in New Jersey. As such, the Department of Banking
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