Insolvency protection definition

Insolvency protection means that there is a guarantee for the refund of your payments if any of the booked travel services is not carried out due to XY becoming insolvent. XY has taken out insolvency protection with YZ (contact details -including name, geographical address, e-mail and phone number- of the body in charge of the insolvency protection, e.g. a guarantee fund or an insurance company). You may contact this body if the services you have booked are denied because of XY's insolvency.
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Examples of Insolvency protection in a sentence

  • In addition, if the Contract is terminated or not renewed and the Health Plan is unable to pay all of its outstanding debts to health care providers, the Agency and the Health Plan agree to the court appointment of an impartial receiver for the purpose of administering and distributing the funds contained in the Insolvency protection account.

  • The restricted Insolvency protection account may be drawn upon with the authorized signatures of two persons designated by the Health Plan and two representatives of the Agency.

  • In accordance with section 409.912, F.S., the Health Plan shall maintain at all times in the form of cash, investments that mature in less than 180 Calendar Days allowable as admitted assets by the Department of Financial Services, and restricted funds of deposits controlled by the Agency (including the Health Plan’s Insolvency protection account) or the Department of Financial Services, a Surplus amount equal to one and one half (1 ½) times the Health Plan’s monthly Medicaid prepaid revenues.

  • In the event the Contract is terminated or not renewed and the Health Plan is Insolvent, the Agency may draw upon the Insolvency protection account to pay any outstanding debts the Health Plan owes the Agency including, but not limited to, overpayments made to the Health Plan, and fines imposed under the Contract or section 641.52, F.S., for which a final order has been issued.

  • The restricted Insolvency protection account may be drawn upon with the authorized signatures of two (2) persons designated by the Health Plan and two (2) representatives of the Agency.