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The Wyoming Life & Health Insurance Guaranty Association is a nonprofit organization that was created by the Wyoming Legislature to protect state residents who are policyholders and beneficiaries of policies issued by insurance companies or health maintenance organizations that become insolvent, up to specified limits.
Typically, an annuity is covered at 80% up to $250,000; however, given there are multiple annuity contracts with a single insurer, the maximum coverage increases to $300,000.
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.
How are joint annuities covered by a guaranty association? The NAIC Model Act covers annuities in an amount up to $250,000 in present value of annuity benefits with respect to ?one life,? regardless of the number of policies or contracts.
Under this category, the insurance company is entitled to deposit insurance coverage of up to $250,000 for each annuitant's interest provided that: The corporation establishes a separate account for such funds; The account cannot be charged with the liabilities arising out of any other business of the corporation; and.
Surplus lines tax: 3% plus 0.175% SLAS Clearinghouse transaction fee.
Issue: An annuity is an insurance contract sold by insurance companies. The insurer provides for either a single income payment or a series of income payments at regular intervals in exchange for a single premium (contribution) or multiple premiums (contributions) paid by the annuitant.