|
What happens if an insurance
company becomes insolvent? |
Insurance companies are regulated by
State laws. When a state determines that an insurance company is insolvent, the action to protect policyholders
is called the “State Guaranty Association” system. The 50 states, the District of Columbia, and Puerto Rico have
insurance company associations which help pay the claims of financially-impaired companies that operate in that
state. Your state law will specify what types of insurance are covered and the dollar amount of those
coverage’s.
(There are many issues which determine
the type and extent of coverage available in each state. You are advised to call the consumer affairs division
of your state insurance department for further details about coverage in your state.
Another source is the National Organization of Life and Health Insurance Guaranty Associations.)
|
Liability Limits of the State Guaranty
Associations
You are strongly advised to call your
state insurance department to confirm the current liability limits in effect. |
|
State |
Max. aggregate benefits for all lines of insurance |
Max. death benefit with respect to any one life |
Max. liability for cash or withdrawal value of life insurance policy |
Max. liability for present value of an annuity contract |
Insurance Commissioners’ Phone Numbers |
|
Alabama |
$300,000 |
- |
$100,000 |
$100,000 |
(334) 269-3550 |
|
Alaska |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(907) 465-2515 |
|
Arizona |
$300,000 |
- |
$100,000 |
$100,000 |
(602) 912-8400 |
|
Arkansas |
$300,000 |
$100,000 |
$100,000 |
$100,000 |
(501) 371-2600 |
|
California |
$250,000 |
$250,000 |
$100,000 |
$100,000 |
(916) 492-3500 |
|
Colorado |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(303) 894-7499 |
|
Connecticut |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(860) 297-3802 |
|
Delaware |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(302) 739-4251 |
|
Dist. of Col. |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(202) 727-8000 |
|
Florida |
$300,000 |
- |
$100,000 |
$100,000 |
(850) 922-3101 |
|
Georgia |
$300,000 |
- |
$100,000 |
$100,000 |
(404) 656-2056 |
|
Hawaii |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(808) 586-2790 |
|
Idaho |
$300,000 |
- |
$100,000 |
$100,000 |
(208) 334-4250 |
|
Illinois |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(217) 785-0116 |
|
Indiana |
$300,000 |
- |
$100,000 |
$100,000 |
(317) 232-2385 |
|
Iowa |
$300,000 |
- |
$100,000 |
$100,000 |
(515) 281-5705 |
|
Kansas |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(785) 296-7081 |
|
Kentucky |
- |
$300,000 |
$100,000 |
$100,000 |
(502) 564-6027 |
|
Louisiana |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(225) 342-5423 |
|
Maine |
$300,000 |
- |
$100,000 |
$100,000 |
(207) 624-8475 |
|
Maryland |
all contractual obligations |
(410) 468-2090 |
|
Massachusetts |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(617) 521-7794 |
|
Michigan |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(517) 373-9273 |
|
Minnesota |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(651) 296-6848 |
|
Mississippi |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(601) 359-3569 |
|
Missouri |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(573) 751-4126 |
|
Montana |
- |
$300,000 |
- |
- |
(406) 444-2040 |
|
Nebraska |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(402) 471-2201 |
|
Nevada |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(775) 687-4270 |
|
New Hampshire |
$300,000 |
- |
$100,000 |
$100,000 |
(603) 271-2261 |
|
New Jersey |
$500,000 |
$500,000 |
$100,000 |
$500,000 |
(609) 292-5360 |
|
New Mexico |
$300,000 |
- |
$100,000 |
$100,000 |
(505) 827-4601 |
|
New York |
$500,000 |
- |
- |
- |
(212) 480-2289 |
|
No. Carolina |
$300,000 |
- |
- |
- |
(919) 733-7349 |
|
North Dakota |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(701) 328-2440 |
|
Ohio |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(614) 644-2658 |
|
Oklahoma |
$300,000 |
$300,000 |
$100,000 |
$300,000 |
(405) 521-2828 |
|
Oregon |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(503) 947-7980 |
|
Pennsylvania |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(717) 783-0442 |
|
Puerto Rico |
- |
$300,000 |
- |
- |
(787) 722-8686 |
|
Rhode Island |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(401) 222-2223 |
|
So. Carolina |
$300,000 |
- |
- |
- |
(803) 737-6160 |
|
South Dakota |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(605) 773-3563 |
|
Tennessee |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(615) 741-2241 |
|
Texas |
- |
$300,000 |
$100,000 |
$100,000 |
(512) 463-6464 |
|
Utah |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(801) 538-3800 |
|
Vermont |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(802) 828-3301 |
|
Virginia |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(804) 371-9741 |
|
Washington |
$500,000 |
$500,000 |
- |
$500,000 |
(360) 753-7301 |
|
West Virginia |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(304) 558-3394 |
|
Wisconsin |
$300,000 |
- |
- |
- |
(608) 267-1233 |
|
Wyoming |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(307) 777-7401 |
|
Disclaimer: 21st
Century Financial is not to be held responsible for the accuracy of this information. Although we
believe it is accurate we suggest you verify this information with your state insurance department.
Also be advised that both the insurance industry and the state insurance laws DO NOT ALLOW the use of
this information as an inducement to consumers to purchase annuities or life insurance. |
|
Last Updated:
05/01/2006
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