The Rhode Island Life & Health Insurance Guaranty Association is a statutory entity created in 1985 when the Rhode Island General Assembly enacted the Rhode Island Guaranty Association Act. The guaranty association is composed of all legal reserve insurers licensed to sell life insurance, accident and health insurance, and individual annuities in the state of Rhode Island.
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 Rhode Island 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 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 Rhode Island residents who are holders of life and health insurance policies and individual annuities with the insolvent insurer.
Services
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.
Please note that some documents may be in PDF format, and you will need Adobe Acrobat Reader to view them. The Bulletin discusses the requirement that member insurers deliver a "summary document" with all policies. Rhode Island Life and Health Insurance Guaranty Association "summary document" approved by the Commissioner.
Reviews
Be the first to review RI Life & Health Insurance Guaranty.
Write a Review
