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 legislature determines the types of insurance which are covered by its Guaranty Fund and the dollar amount of that coverage.
The table below indicates the coverage which might be available in your state. You are strongly advised not to rely upon this information alone but to verify the coverage yourself by calling the consumer affairs division of your state's insurance department. There are many issues, too numerous to describe here, which may influence the type and extent of your coverage. Another source for this information is the National Organization of Life and Health Insurance Guaranty Associations.
Liability Limits of the State Guaranty Associations
You are strongly advised to call your state insurance department to confirm the current liability limits in effect.
| 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 | - | $100,000 | $100,000 | (334) 269-3550 |
| Alaska | $300,000 | $300,000 | $100,000 | $100,000 | (907) 465-2515 |
| Arizona | $300,000 | - | $100,000 | $100,000 | (602) 912-8400 |
| Arkansas | $300,000 | $100,000 | $100,000 | $100,000 | (501) 371-2600 |
| California | $250,000 | $250,000 | $100,000 | $100,000 | (916) 492-3500 |
| Colorado | $300,000 | $300,000 | $100,000 | $100,000 | (303) 894-7499 |
| Connecticut | $300,000 | $300,000 | $100,000 | $100,000 | (860) 297-3802 |
| Delaware | $300,000 | $300,000 | $100,000 | $100,000 | (302) 739-4251 |
| Dist. of Col. | $300,000 | $300,000 | $100,000 | $100,000 | (202) 727-8000 |
| Florida | $300,000 | - | $100,000 | $100,000 | (850) 922-3101 |
| Georgia | $300,000 | - | $100,000 | $100,000 | (404) 656-2056 |
| Hawaii | $300,000 | $300,000 | $100,000 | $100,000 | (808) 586-2790 |
| Idaho | $300,000 | - | $100,000 | $100,000 | (208) 334-4250 |
| Illinois | $300,000 | $300,000 | $100,000 | $100,000 | (217) 785-0116 |
| Indiana | $300,000 | - | $100,000 | $100,000 | (317) 232-2385 |
| Iowa | $300,000 | - | $100,000 | $100,000 | (515) 281-5705 |
| Kansas | $300,000 | $300,000 | $100,000 | $100,000 | (785) 296-7081 |
| Kentucky | - | $300,000 | $100,000 | $100,000 | (502) 564-6027 |
| Louisiana | $300,000 | $300,000 | $100,000 | $100,000 | (225) 342-5423 |
| Maine | $300,000 | - | $100,000 | $100,000 | (207) 624-8475 |
| Maryland | $300,000 | $300,000 | $100,000 | $100,000 | (410) 468-2090 |
| Massachusetts | $300,000 | $300,000 | $100,000 | $100,000 | (617) 521-7794 |
| Michigan | $300,000 | $300,000 | $100,000 | $100,000 | (517) 373-9273 |
| Minnesota | $300,000 | $300,000 | $100,000 | $100,000 | (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 | - | - | (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 | - | $100,000 | $100,000 | (603) 271-2261 |
| New Jersey | $500,000 | $500,000 | $100,000 | $500,000 | (609) 292-5360 |
| New Mexico | $300,000 | - | $100,000 | $100,000 | (505) 827-4601 |
| New York | $500,000 | - | - | - | (212) 480-2289 |
| No. Carolina | $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 | $100,000 | (614) 644-2658 |
| Oklahoma | $300,000 | $300,000 | $100,000 | $300,000 | (405) 521-2828 |
| Oregon | $300,000 | $300,000 | $100,000 | $100,000 | (503) 947-7980 |
| Pennsylvania | $300,000 | $300,000 | $100,000 | $100,000 | (717) 783-0442 |
| Puerto Rico | - | $300,000 | - | - | (787) 722-8686 |
| Rhode Island | $300,000 | $300,000 | $100,000 | $100,000 | (401) 222-2223 |
| So. Carolina | $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 | $100,000 | (615) 741-2241 |
| Texas | - | $300,000 | $100,000 | $100,000 | (512) 463-6464 |
| Utah | $300,000 | $300,000 | $100,000 | $100,000 | (801) 538-3800 |
| Vermont | $300,000 | $300,000 | $100,000 | $100,000 | (802) 828-3301 |
| Virginia | $300,000 | $300,000 | $100,000 | $100,000 | (804) 371-9741 |
| Washington | $500,000 | $500,000 | - | $500,000 | (360) 753-7301 |
| West Virginia | $300,000 | $300,000 | $100,000 | $100,000 | (304) 558-3394 |
| Wisconsin | $300,000 | - | - | - | (608) 267-1233 |
| Wyoming | $300,000 | $300,000 | $100,000 | $100,000 | (307) 777-7401 |
| Disclaimer: ImmediateAnnuities.com is not to be held responsible for the accuracy of this information. You are advise to call your state insurance department to confirm the information in this table. | |||||
