History

Founded in 1981, Guaranty Fund Management Services® ("GFMS®") is a voluntary, non-profit, unincorporated association formed as a result of its member guaranty association's recognition of the mutual advantages to be derived from maintaining a single efficient management and claims service organization, with a professional staff ready to serve the associations and funds as needed. Each of the GFMS member associations is established by statute and operate in accordance with those statues. The GFMS member guaranty associations are:
  • Connecticut Insurance Guaranty Association
  • District of Columbia Insurance Guaranty Association
  • Maine Insurance Guaranty Association
  • Massachusetts Insurers Insolvency Fund
  • New Hampshire Insurance Guaranty Association
  • Rhode Island Property and Casualty Insurance Guaranty Association
  • Vermont Property and Casualty Insurance Guaranty Association
  • Virginia Property and Casualty Insurance Guaranty Association

When a property and casualty insolvency occurs, the member association's involvement begins. Acting through its Board of Directors, each member association carries out its statutory obligations, paying the covered claims of the insolvent insurers' policyholders and claimants. These duties are carried out by a professional managerial, claims and clerical staff.