|
What
happens if my insurance company becomes insolvent?
Your insurance
company is regulated by your state. When a state
determines that an insurance company is insolvent, the
mechanism that springs into action to protect
policyholders is called the State
Guaranty Association
system. All 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 coverages (see table below).
Liability
Limits of the State Guaranty Associations
|
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 |
$300,000 |
$100,000 |
$100,000 |
(205)
879-2200 |
|
Alaska |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(907)
465-2515 |
|
Arizona |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(602)
912-8400 |
|
Arkansas |
$300,000 |
$300,000 |
$300,000 |
$300,000 |
(501)
371-2600 |
|
California |
$300,000 |
$300,000 |
$100,000 |
$250,000 |
(916)
492-3500 |
|
Colorado |
$300,000 |
$300,000 |
$100,000 |
$250,000 |
(303)
894-7499 |
|
Connecticut |
$500,000 |
$500,000 |
$500,000 |
$500,000 |
(860)
297-3802 |
|
Delaware |
$300,000 |
$300,000 |
$100,000 |
$250,000 |
(302)
739-4251 |
|
Dist.
of Col. |
$300,000 |
$300,000 |
$100,000 |
$300,000 |
(202)
727-8000 |
|
Florida |
$300,000 |
$300,000 |
$100,000 |
$250,000 |
(850)
922-3101 |
|
Georgia |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(404)
656-2056 |
|
Hawaii |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(808)
586-2790 |
|
Idaho |
$300,000 |
$300,000 |
$100,000 |
$250,000 |
(208)
334-4250 |
|
Illinois |
$300,000 |
$300,000 |
$100,000 |
$250,000 |
(217)
785-0116 |
|
Indiana |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(317)
232-2385 |
|
Iowa |
$300,000 |
$300,000 |
$100,000 |
$250,000 |
(515)
281-5705 |
|
Kansas |
$300,000 |
$300,000 |
$100,000 |
$250,000 |
(785)
296-7081 |
|
Kentucky |
$300,000 |
$300,000 |
$100,000 |
$250,000 |
(502)
564-6027 |
|
Louisiana |
$500,000 |
$300,000 |
$100,000 |
$250,000 |
(225)
342-5423 |
|
Maine |
$300,000 |
$300,000 |
$100,000 |
$250,000 |
(207)
624-8475 |
|
Maryland |
$300,000 |
$300,000 |
$100,000 |
$250,000 |
(410)
998-3907 |
|
Massachusetts |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(617)
521-7794 |
|
Michigan |
$300,000 |
$300,000 |
$100,000 |
$250,000 |
(517)
373-9273 |
|
Minnesota |
$500,000 |
$500,000 |
$100,000 |
$250,000 |
(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 |
$300,000 |
$100,000 |
$250,000 |
(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 |
$300,000 |
$100,000 |
$100,000 |
(603)
271-2261 |
|
New
Jersey |
$500,000 |
$500,000 |
$100,000 |
$100,000 |
(609)
292-5360 |
|
New
Mexico |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(505)
827-4601 |
|
New
York |
$500,000 |
$500,000 |
$500,000 |
$500,000 |
(212)
480-2289 |
|
No.
Carolina |
$300,000 |
$300,000 |
$300,000 |
$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 |
$250,000 |
(614)
644-2658 |
|
Oklahoma |
$300,000 |
$300,000 |
$100,000 |
$300,000 |
(405)
521-2828 |
|
Oregon |
$300,000 |
$300,000 |
$100,000 |
$250,000 |
(503)
947-7980 |
|
Pennsylvania |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(717)
783-0442 |
|
Puerto
Rico |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(787)
722-8686 |
|
Rhode
Island |
$300,000 |
$300,000 |
$100,000 |
$250,000 |
(401)
222-2223 |
|
So.
Carolina |
$300,000 |
$300,000 |
$300,000 |
$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 |
$250,000 |
(615)
741-2241 |
|
Texas |
$300,000 |
$300,000 |
$100,000 |
$250,000 |
(512)
463-6464 |
|
Utah |
$500,000 |
$500,000 |
$200,000 |
$200,000 |
(801)
538-3800 |
|
Vermont |
$300,000 |
$300,000 |
$100,000 |
$250,000 |
(802)
828-3301 |
|
Virginia |
$350,000 |
$300,000 |
$100,000 |
$250,000 |
(804)
371-9741 |
|
Washington |
$500,000 |
$500,000 |
$500,000 |
$500,000 |
(360)
753-7301 |
|
West
Virginia |
$300,000 |
$300,000 |
$100,000 |
$250,000 |
(304)
558-3394 |
|
Wisconsin |
$300,000 |
$300,000 |
$300,000 |
$300,000 |
(608)
267-1233 |
|
Wyoming |
$300,000 |
$300,000 |
$100,000 |
$100,000 |
(307)
777-7401 |
|
Disclaimer: insureyourhealthnow.com is not to be
held responsible for the accuracy of this
information. You are advised to call your state
insurance department before purchasing any annuity
contract. |
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