The Idaho Life and Health Insurance Guaranty Association is a non-profit association whose members are all insurance companies licensed to write life or disability insurance in the State of Idaho. The Association was created in 1977 when the Idaho Legislature enacted the Idaho Life and Health Insurance Guaranty Association Act (the Guaranty Association Act) (a link to the Act can be found in the Additional Info section).
In the event that a member insurer is found to be insolvent and is ordered to be liquidated by a court, the Association provides protection (subject to the limits spelled out in the Guaranty Association Act) to Idaho residents who are holders of covered life and disability insurance policies and certain annuities issued by the insolvent insurer.
Specifically, when a member insurer is found to be insolvent and is ordered liquidated, the task of servicing the insurance company's covered policies and providing coverage to Idaho's resident policyholders becomes the responsibility of the Association.
In the event that a member insurer is found to be insolvent and is ordered to be liquidated by a court, the Association provides protection (subject to the limits spelled out in the Guaranty Association Act) to Idaho residents who are holders of covered life and disability insurance policies and certain annuities issued by the insolvent insurer.
Specifically, when a member insurer is found to be insolvent and is ordered liquidated, the task of servicing the insurance company's covered policies and providing coverage to Idaho's resident policyholders becomes the responsibility of the Association.
Services
In most cases, the Association will continue coverage as long as premiums are paid or cash value exists.
It may do this directly, or it may transfer the policy to another insurance company.
In any case, policyholders should continue making premium payments to keep their coverage in force.
Please note that the Association has the same rights and authority under your insurance contract as the issuing insurer.
If the terms of your policy allow for cancellation, the Association may invoke such right, in accordance with the policy terms and in accordance with state laws.
It may do this directly, or it may transfer the policy to another insurance company.
In any case, policyholders should continue making premium payments to keep their coverage in force.
Please note that the Association has the same rights and authority under your insurance contract as the issuing insurer.
If the terms of your policy allow for cancellation, the Association may invoke such right, in accordance with the policy terms and in accordance with state laws.
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