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Welcome to the Minnesota Life & Health Insurance Guaranty Association
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Welcome to the Minnesota 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 Minnesota Life and Health Insurance Guaranty Association is a statutory entity created in 1977 when the Minnesota legislature enacted the Minnesota Life and Health Insurance Guaranty Association Act (Chapter 61B, Minnesota Statutes.). The guaranty association is composed of all insurers licensed to sell life insurance, accident and health insurance, and annuities in the state of Minnesota. 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 Minnesota 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, a special deputy receiver takes over the insurer under court supervision and processes the assets and liabilities through liquidation. The task of servicing the insurance company's policies and providing coverage to Minnesota's resident policyholders becomes the... [ more ] |
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