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This outfit sounds a LOT like the late and unlamented Puget's Sound Agricultural Society Ltd (PSASL), which I mentioned on the Transportation forum. That outfit made a similar pitch, yet apparently never paid out a dime (nor gave any other help) when a "member" had a loss which should have been covered. It was the target of cease-and-desist orders from the insurance commissions in about 20 states when it finally was shut down.
In a situation where someone is legally required to have insurance - such as for car registration or a drivers license, in many states - the law not only requires insurance but specifies that it must be from a company approved by that state's insurance commission or highway commission and that any alternative to insurance (such as a mutual fund) must also be approved by the same authority. For that reason, motorists who had the Puget's Sound insurance card were ticketed for failure to maintain the required insurance.
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