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Welcome to the Connecticut Life and Health Insurance Guaranty Association
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Welcome to the Connecticut Life and 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 Connecticut Life and Health Insurance Guaranty Association is a statutory entity created in 1972 when the Connecticut legislature enacted the Connecticut Life and Health Insurance Guaranty Association Act (P.A. 280). The guaranty association is composed of all insurers licensed to sell life insurance, accident and health insurance, and individual annuities in the state of Connecticut. In the event that a member insurer is found to be insolvent and is ordered to be liquidated by a court, the Guaranty Association Act enables the guaranty association to provide protection (up to the limits spelled out in the Act) to Connecticut 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 Insurance Commissioner for the state where the insurer is domiciled, acting as liquidator, takes over the insurer under court supervision and processes the assets and liabilities through liquidation. The task of servicing the insurance company's policies... [ more ] |
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