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Welcome to the Maine Life & Health Insurance Guaranty Association
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Welcome to the Maine Life & 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 Maine Life & Health Insurance Guaranty Association is a statutory entity created in 1983 when the Maine legislature enacted the Maine Guaranty Association Act. The guaranty association is composed of all insurers licensed to sell life insurance, accident and health insurance, and individual annuities in the state of Maine. 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 Maine 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 Maine's resident policyholders becomes the responsibility of the guaranty association. The protection... [ more ] |
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