What is the Massachusetts Life & Health Insurance Guaranty Association?
The Massachusetts Life & Health Insurance Guaranty Association was created by the Massachusetts legislature in 1986 to protect state residents who are policyholders and beneficiaries of policies issued by an insolvent insurance company, up to specified limits. All legal reserve insurance companies (with limited exceptions) licensed to write life and health insurance or annuities in Massachusetts are required, as a condition of doing business in the state, to be members of the guaranty association. If a member company becomes insolvent, money to continue coverage and pay claims is obtained through assessments of the guaranty association’s other member insurance companies writing the same line or lines of insurance as the insolvent company. All 50 states, the District of Columbia, and Puerto Rico have life and health insurance guaranty associations.
Related Questions
- What will happen to my insurance coverage if the Iowa Life & Health Insurance Guaranty Association becomes liable for my policy?
- Why hasn my agent or company told me more about the Massachusetts Life & Health Insurance Guaranty Association?
- What is the Massachusetts Life & Health Insurance Guaranty Association?
