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Welcome to the Illinois Life & Health Insurance Guaranty Association
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Welcome to the Illinois Life and Health Insurance Guaranty Association (the "Association"). We hope you find this site helpful in providing information regarding the purpose of the Association and how it protects covered policyholders in the event of an insurance company insolvency.
The Association is a statutory entity created in 1980 by the Illinois General Assembly when it enacted the Illinois Life and Health Insurance Guaranty Association Act. A link to Chapter 215, IL. Compiled Statutes Article XXXIII½, Section 5/531.01 et seq. ("the Act") can be found in the Additional Info section. The Association is an unincorporated association of those insurance companies (member insurers) that are licensed to write life insurance policies, health insurance policies, annuity contracts, unallocated annuity contracts and contracts supplemental thereto, in the State of Illinois. It was created to assure the fulfillment of covered policy obligations of member insurers which are determined to be insolvent and ordered liquidated by a court of competent jurisdiction.
The purpose of the Association is to protect policyholders and their beneficiaries covered by the Act (usually Illinois residents) in the event of the insolvency of a member insurer, by the payment of benefits or continuation of coverage, subject to certain statutory limits. Specifically, when a member insurer is found to be insolvent... [ more ] |
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