Welcome to the Alabama Life & Disability Insurance Guaranty Association ("ALDIGA" or "guaranty association") Web site. We hope you find this site helpful in providing information regarding the purpose of the guaranty association and how it assists Alabama policyholders in the event of an insurance company insolvency.
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The guaranty association is composed of all insurers licensed to sell life insurance, accident and health insurance, and individual annuities in the state of Alabama.
In the event that a member insurer is found to be insolvent and is placed under a final order of liquidation, rehabilitation or conservation by a court of competent jurisdiction, the ALDIGA Act enables the guaranty association to provide protection up to statutory limits (set out in the Act) to live human beings who are Alabama residents who are holders of life and health insurance policies and individual annuities with the insolvent insurer.
In the event that a member insurer is found to be insolvent and is placed under a final order of liquidation, rehabilitation or conservation by a court of competent jurisdiction, the ALDIGA Act enables the guaranty association to provide protection up to statutory limits (set out in the Act) to live human beings who are Alabama residents who are holders of life and health insurance policies and individual annuities with the insolvent insurer.
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.
Since ALDIGA is a safety net, but not an insurance company, we will seek to transfer policies to a sound insurer as soon as it is practical.
When possible, and if allowed under the terms of the insolvent company's policy, ALDIGA may also elect to cancel policies after notice is given to you and after all valid claims have been paid.
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.
Since ALDIGA is a safety net, but not an insurance company, we will seek to transfer policies to a sound insurer as soon as it is practical.
When possible, and if allowed under the terms of the insolvent company's policy, ALDIGA may also elect to cancel policies after notice is given to you and after all valid claims have been paid.
Below is a list of insurance company insolvencies for which the Alabama guaranty association has been activated to provide protection to Alabama policyholders.
Please be advised: this list may not include every insolvent insurer that has affected this state's policyholders.
You may be able to find additional information at the Alabama Department of Insurance.
Please be advised: this list may not include every insolvent insurer that has affected this state's policyholders.
You may be able to find additional information at the Alabama Department of Insurance.
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