Full text and statutory guidelines for the Life and Health Insurance Guaranty Association Model Act.
Mississippi Life and Health Insurance Guaranty Association Model Act
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Protections and Limits on Protection The Guaranty Fund provides up to $500,000 of coverage to a life insurance policy owner, individual annuity (such as a single premium deferred annuity) contract holder or individual accident and health insurance policyholder, or any beneficiary, assignee, or payee of the foregoing.
The maximum total amount the Guarantee Association will provide for any one individual for life insurance and annuity coverage is $300,000, even if that individual is covered by multiple life insurance policies and annuities. Is my claim against the insolvent insurer affected by the Guarantee Association? Yes.
Most states provide the following amounts of coverage (or more), which are specified in the National Association of Insurance Commissioners' (NAIC) Life and Health Insurance Guaranty Association Model Law: $300,000 in life insurance death benefits. $100,000 in net cash surrender or withdrawal values for life insurance.
Most of these organizations are funded with the money they collect from conducting assessments of member insurers. The total payout in most states is capped at $300,000 per individual.
Current law specifies life and health policies and annuity contracts from non-licensed insurers are not covered by the FLAHIGA. The maximum amount paid by the FLAHIGA for any one person is: Life Insurance Death Benefit: $300,000 per insured life. Life Insurance Cash Surrender: $100,000 per insured life.
The health insurance protection for which the Guarantee Association may become liable shall be the contractual obligations for which the insurer is liable or would have been liable if it were not an insolvent insurer, up to a maximum benefit of $200,000.
The maximum amount of protection for each individual, regardless of the number of policies or contracts, is $300,000. Special rules may apply with regard to health benefit plans.
The guaranty associations are established by state law and are comprised of membership of companies licensed to do business in Mississippi. Guaranty associations pay the claims of policyholders of an insolvent company when that company's assets become insufficient to meet their obligations to policyholders.
