The guaranty association is composed of all insurers licensed to sell life insurance, accident and health insurance, and individual annuities in the state of New Jersey.
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 New Jersey 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 New Jersey's resident policyholders becomes the responsibility of the guaranty association.
The protection provided by the guaranty association is based on New Jersey law and the language of the insolvent company's policies at the time of insolvency.
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 New Jersey 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 New Jersey's resident policyholders becomes the responsibility of the guaranty association.
The protection provided by the guaranty association is based on New Jersey law and the language of the insolvent company's policies at the time of insolvency.
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In most cases, a guaranty association will continue coverage as long as premiums are paid or cash value exists.
It may do this directly, or, most often, it may transfer the policy to another insurance company.
In any case, policyholders should continue making premium payments to keep their coverage in force.
Coverage is determined by New Jersey law and policy language at the time the guaranty association is activated to provide protection (when the member insurer is found to be insolvent and ordered liquidated by a court).
It may do this directly, or, most often, it may transfer the policy to another insurance company.
In any case, policyholders should continue making premium payments to keep their coverage in force.
Coverage is determined by New Jersey law and policy language at the time the guaranty association is activated to provide protection (when the member insurer is found to be insolvent and ordered liquidated by a court).
Below is a list of insurers currently in receivership proceedings for which the New Jersey guaranty association has or may have statutory obligations to provide coverage to New jersey policyholders at such time as a court of competent jurisdiction issues a liquidation order with a finding of insolvency.
Please be advised: this list may not include every insurer receivership that has affected this state's policyholders.
You may be able to find additional information at the New Jersey Department of Banking & Insurance.
Please be advised: this list may not include every insurer receivership that has affected this state's policyholders.
You may be able to find additional information at the New Jersey Department of Banking & Insurance.
Please note: you will be prompted to enter a security code that you should have received from us.
Contact operations@njlifega.org if you have problems accessing the form and/or would like to receive a PDF copy of the form.
A list of insurers authorized to write business in New Jersey can be found on the Department of Banking and Insurance website at: NJ DOBI Licensed Insurance Carriers.
If you are a member insurer and would like to update your contact information, please notify us at operations@njlifega.org.
Contact operations@njlifega.org if you have problems accessing the form and/or would like to receive a PDF copy of the form.
A list of insurers authorized to write business in New Jersey can be found on the Department of Banking and Insurance website at: NJ DOBI Licensed Insurance Carriers.
If you are a member insurer and would like to update your contact information, please notify us at operations@njlifega.org.
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