Welcome to the Iowa Life and Health Insurance Guaranty Association (“Guaranty Association”) website. We hope you will find this site helpful in providing information regarding the purpose of the Guaranty Association and how it protects Iowa resident policyholders in the event of an insurance company insolvency.
The Iowa Life & Health Insurance Guaranty Association is a statutory entity created in 1987 when the Iowa Legislature enacted the Iowa Life and Health Insurance Guaranty Association Act. The Guaranty Association is composed of all insurers licensed to sell life insurance, accident and health insurance, and individual annuities in the state of Iowa. In the event that a member insurer is found to be insolvent and is ordered to be liquidated by a court, the Guaranty Association will provide protection (up to the limits specified in the Guaranty Association Act) to Iowa residents who are holders of life and health insurance policies and individual annuities with the insolvent insurer. Specifically, when a member insurer is found to be insolvent and is ordered liquidated, a special deputy receiver takes over the insurer under court supervision and processes the insurer’s assets and liabilities through a legal proceeding known as “liquidation.” The task of servicing the insolvent insurance company's policies and providing coverage to Iowa's resident policyholders who are eligible for Guaranty Association protection becomes the responsibility of the Guaranty Association. The protection provided by the Guaranty Association is based on Iowa law and the language of the insolvent company's policies at the time of insolvency.
We will make every effort to ensure that the information provided here is in accordance with the most current law in the event that the Iowa Legislature amends the Guaranty Association Act or other laws. However, if there should be any inconsistency between the Guaranty Association Act or any other law or regulation and the information on this Web site, the relevant law will supersede. Because of changes in the applicable laws and the variations in policy language, the Guaranty Association cannot make statements regarding coverage of a specific policy unless it is a policy issued by a company for which the Guaranty Association has been activated to provide protection. Finally, this website is for general information purposes and should not be referred to or relied upon as legal advice.
Again, we hope the information provided in this website is useful. Be sure to read the Frequently Asked Questions section of the site for more information, and please refer to the Contact Us section if you have any questions for the Guaranty Association.