What is the Michigan Life & Health Insurance Guaranty Association?
The Michigan Life & Health Insurance Guaranty Association was created by the Michigan legislature to protect Michigan residents who are policyholders of life or health policies issued by an insolvent insurance company, up to specified limits. All insurance companies (with limited exceptions) licensed to write life and health insurance or annuities in Michigan are required, as a condition of doing business in the state, to be members of the guaranty association. If a member company becomes insolvent, protection is provided 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. Although licensed in Michigan, policies issued by the following entities are not covered by MLHIGA: a nonprofit health care corporation (e.g., Blue Cross/Blue Shield), a health maintenance organization, a fra
Related Questions
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