What are the Maine Insurance Guaranty Association and the Maine Life and Health Insurance Guaranty Association??
These are private associations to which all insurers authorized to transact insurance in Maine are required to belong as a condition of their licensure. In the event of the insolvency of a member insurer, the associations become responsible for covered claims to the extent required by Maine law. Generally, the Maine Insurance Guaranty Association responds in the case of insolvencies of insurers writing Maine property and casualty insurance business while the Maine Life and Health Insurance Guaranty Association responds to insolvencies of insurers having Maine life or health insurance or annuity business.
