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Illinois Life & Health Insurance Guaranty Association
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8420 W. Bryn Mawr Avenue, Suite 550 / Chicago, IL 60631-3404 |
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Frequently Asked Questions  |
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What is the Illinois Life & Health Insurance Guaranty Association?
The Illinois Life and Health Insurance Guaranty Association (the "Association") is an association of insurance companies that sell life, health, and annuity* products. The Association was created by the Illinois General Assembly to protect policy owners, insureds, certificate holders and annuitants against the impairment of insolvency of such companies. Every insurer that is licensed or authorized in Illinois to write life or health insurance or annuity contracts must be a member of the Association (a "member insurer") and is assessed to provide the benefits afforded to persons protected by the Association.
*The annuity products covered by the Association include guaranteed investment contracts, deposit administration contracts, unallocated funding agreements, allocated funding agreements, structured settlement agreements, lottery contracts and any immediate or deferred annuity contracts.
Please note that all the information in the FAQs section is intended as a summary of certain key provisions of the Illinois Life and Health Insurance Guaranty Association Law, Illinois Insurance Code, Chapter 73, Article XXXIII1/2 (the "Act"), and is qualified in its entirety by reference to the Act (a link to the Act can be found in the Additional Info section). Nothing contained herein is intended as a guaranty of coverage; whether or not the Illinois Life and Health Insurance Guaranty Association is obligated under the Act with respect to a particular claim is dependent upon the specific facts and circumstances involving such claim, including the terms of the policy or certificate in question. |
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| NOTE: This information is not intended as legal advice, and no liability is assumed in connection with its use. The applicable state guaranty association statute is the controlling authority, regardless of any information presented on this site. Users should seek advice from a qualified attorney and should not rely on this compilation when considering any questions relating to guaranty association coverage. |
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