|
|
Welcome to the Massachusetts Life & Health Insurance Guaranty Association
|
|
|
Welcome to the Massachusetts Life & Health Insurance Guaranty Association ("guaranty association") Web site. We hope you find this site helpful in providing information regarding the purpose of the guaranty association and how it protects resident policyholders in the event of an insurance company insolvency.
The Massachusetts Life and health Insurance Guaranty Association is a statutory entity created in 1986 when the Massachusetts legislature enacted the Massachusetts Life and Health Insurance Guaranty Association Law. The guaranty association is composed of all legal reserve insurers licensed to sell life insurance, accident and health insurance, and individual annuities in the Commonwealth of Massachusetts. In the event that a member insurer is found to be insolvent and is ordered to be liquidated by a court, the Guaranty Association Law enables the guaranty association to provide protection (up to the limits spelled out in the Law) to Massachusetts residents who are holders of life and health insurance policies and individual annuities with the insolvent insurer.
Specifically, when a member insurer is found to be insolvent and is ordered liquidated, the Commissioner of Insurance takes over the insurer under court supervision and processes the assets and liabilities through liquidation. The task of servicing the insurance company's policies and providing coverage to Massachusetts's resident policyholders becomes the responsibility... [ more ] |
| |
|
|
|
|
|
