Tennessee Guaranty by Corporation - Complex
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FAQ
What is the difference between state guaranty associations and FDIC insurance? The FDIC is an independent federal agency that provides deposit insurance for bank deposits. State guaranty associations are nonprofit organizations that operate at the state level to protect insurance policyholders.
State guaranty funds guarantee payment for insurance policyholders should the insurance company default. The fund only covers beneficiaries of insurance companies where the insurer is licensed to sell products in that state.
TIGA was created in 1971. Our mission is to provide a safety-net on specific statutorily defined claims and claims for unearned premiums, for Tennessee companies and residents who purchase insurance from an insurance company licensed in the state of Tennessee.
When an insurance company fails, a guaranty association is an entity which steps into the shoes of the failed insurer for the purpose of providing certain continued benefits and/or resolution of covered claims. However, not all types of insurance policies or claims are covered by guaranty associations.
Tenn. Code Ann. § 56-12-205 requires the association to maintain two (2) accounts: a life and annuity account and a health account.
The state insurance commissioner gives insurance guaranty associations their powers. 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.
The Tennessee Life and Health Insurance Guaranty Association was created by the Tennessee legislature in July of 1989 to protect state residents who are policyholders and beneficiaries of policies issued by an insolvent insurance company, up to specified limits.
In the event that a member insurer is found to be insolvent and is ordered to be liquidated by a court, the Act enables the guaranty association to provide protection (up to the limits spelled out in the Act) to Tennessee residents who are holders of life and health insurance policies and individual annuities with the ...