An organization of automobile insurers operating in a state that makes automobile insurance available to high-risk drivers. Underwriting losses are shared proportionately by insurers based on premiums written in the state.
A joint underwriting association consists of insurers who band together to provide coverage for a specific type of risk or exposure. They are only used when it is difficult to obtain a certain type of insurance in the regular market. Companies in JUA's share in the profits and the losses of the association.
These are insurance pools representing all insurers in a state. A few "servicing carriers" act on behalf of all the insurers, issuing policies, receiving fees, and handling claims. They are reimbursed for losses, and receive fees from the JUA to cover operating costs.
A device used to provide insurance to those who cannot obtain insurance in the voluntary market. Certain companies (called carriers) issue policies at one rate and handle claims, but the ultimate costs are borne by all companies writing insurance in that state.
A voluntary unincorporated association of admitted insurers authorized to do business in this state that has been authorized by its member insurers to act on behalf of those insurers in joint underwriting or in the issuance of syndicate policies of insurance on a several but not joint basis.
An unincorporated association of insurance companies formed to provide a particular form of insurance to the public. Those who insure with a JUA pay assessments in addition to their premiums which provide monies for the operation of the association. JUAs are usually free to set their own rate levels and use whatever coverage forms are deemed proper, subject to approval by state authorities.
