|
|
|
|
|
|
|
Iowa Life & Health Insurance Guaranty Association
|
|
700 Walnut Street, Suite 1600 / Des Moines, IA 50309-3899 |
|
|
|
|
|
|
|
|
Frequently Asked Questions  |
| |
What will happen to my insurance coverage if the Iowa Life & Health Insurance Guaranty Association becomes liable for my policy?
Protection can be provided in one of several different ways. For example, a financially sound insurer may take over the troubled company's policies and assume the responsibility for continuing coverage and paying covered claims. The Iowa Guaranty Association may provide coverage directly by continuing the insurer's policies or issuing replacement policies with other insurance companies. In some situations, the Iowa Guaranty Association may work with other state guaranty associations to develop an overall plan to provide protection for the failed insurer's policyholders. The amount of protection provided and when you receive it may depend on the particular arrangement worked out for handling the failed insurer's obligations.
For group health insurance, state law allows the Iowa Guaranty Association to continue your coverage only for a limited time based on the renewal date of your policy. Group contracts can be terminated as of sixty days after the finding of insolvency. If the Guaranty Association finds that benefits provided, provisions pertaining to renewal or premiums charged under any contract are not reasonable, it may offer alternate coverage as approved by the court. If the owner does not accept alternate coverage within 180 days of notification, the Guaranty Association has no liability for any claim incurred or continuing beyond the termination date. |
| |
| 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. |
|
| |
| [ Back to FAQ list ] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
